The big “just get me out” session took place on the last trading day of September where the stock gapped down from 82 to 75 in one fell swoop. Today’s session could not possibly match that day, but the selling to a new low is an example of the continuation of the initial vibe. Just look at those moving averages: it’s as if they’re in a competition to see which can decline with the most force.stockcharts.
This one is not as bad as the others since it might be considered a test of the earlier October low. Nonetheless, it remains the case that today was another session of selling that keeps the price below both the 50-day moving average and the 200-day moving average, both of which are in decline mode. It doesn’t help that China is sounding extra -belligerent about Taiwan lately and that, if there’s a serious recession, TSM’s big customer, Applestockcharts.
Well, it seemed like a good idea to some. The price has collapsed from a 2022 peak of $8 to the current price of $2.01. That’s a 75% drop about 4 months, a spectacular bit of selling for a New York Stock Exchange traded security. Today’s gap down is a clear example of the “just get me out” style with some traders just pressing the sell button and keeping it there.
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Source: MarketWatch - 🏆 3. / 97 Read more »