Taiwan Semiconductor Manufacturing Co. Ltd. TSM is announcing its second-quarter earnings on Thursday. Wall Street expects $1.38 in EPS and $20 billion in revenues as the company reports before market hours.

The stock is up 67.23% over the past year, +69.12% YTD.

Let’s look at what the charts indicate for Taiwan Semiconductor (aka TSMC) stock, and how the stock currently maps against Wall Street estimates.

Taiwan Semiconductor stock faces a moderately bearish trend with ongoing selling pressure, indicating potential future bearish movement.

Chart created using Benzinga Pro

The share price stands at $174.70, quite below the 8-day SMA of $185 and slightly below its 20-day SMA of $179.07, signaling a bearish trend.

However, the stock is trading above its 50-day SMA of $165.66 and 200-day SMA of $127.10, all indicating bullish signals for medium to long-term prospects.

Chart created using Benzinga Pro

The MACD indicator is positive at 5.31, reinforcing a bullish outlook. The RSI is at 48.65 and treading downwards, suggesting the stock is likely heading towards oversold conditions.

The Bollinger Bands (25) ranges of $164.26-$191.12, with the stock trading in the upper bullish band, indicating bullish sentiment as well. Overall, while short-term indicators show bearish pressure, the longer-term technicals reflect strong bullish support for TSM.

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TSMC Ratings & Consensus Estimates: The consensus analyst rating on Taiwan Semiconductor stock stands at an Overweight currently with a price target of $172.71. The three most recent analyst ratings for Taiwan Semiconductor Manufacturing Co Ltd were released by Needham, Susquehanna and Bernstein on July 15, July 11, and June 20, 2024, respectively. The average price target of $220 implies a 25.33% upside.

TSM Price Action: Taiwan Semiconductor’s stock was trading down 6.72% at $175.53 at the time of publication Wednesday.

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Photo: Sundry Photography on Shutterstock