Chart of the Day: TSM

TSMC (TSM), also known as Taiwan Semiconductor, rose to all-time highs this week. Brett Crowther examines the technical conditions taking shape behind the upward move, something he says is just more than a "drift higher." On the relative near-term, he points to $277 as a recent support level fueling the recent jump in shares. Zooming out to a 1-year timeframe, he sees a similar pattern taking shape as shares have been "on a strong run" since April and using $225 as support. Brett highlights the MACD study on a short-term resetting as bullish momentum returns.

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