$Taiwan Semiconductor Manufact

$Taiwan Semiconductor Manufacturing(TSM)$ NOV20 425C, still looks actionable to me.

Zone: $410.26 to $416.04

Invalidation: close under $407.13

Objectives: $440, then $465

The math: up 6.5% to the first objective and 12.5% to the second, against 1.5% risk on the invalidation. That's better than 8 to 1 to the second.

This swing setup feels like a big ship that took on water all week and still stayed afloat above the line everyone can see. Taiwan Semiconductor reported on October 15 and earned $4.60 a share against $4.45 expected, with revenue up 41.1 percent from a year ago. Yet price still slid from $487.47 on October 5 to a $413.15 close on Friday, and buyers held the $407.13 low from Thursday. The report was strong, but the selling was louder than the news. The floor is close underneath, with room back toward $440 first if buyers step back in.

P.S. Watching $421.50. It was the high on Friday, and a close over it would show buyers pushing back, not just defending the low.

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