Taiwan Semiconductor has had a great start to the year, its stock is up 28% YTD. The company is expected to release earnings of $1.22 on revenue of $17.04bn tomorrow.

Taking a look at Taiwan Semiconductor as the chip manufacturer has had a great start to the year, its stock is up 28% YTD. From a technical viewpoint, its stock price currently sits at $88.13 a share. We can see that on the monthly interval, an impulsive move occurred, leading to a break out of the bearish trend in November (descending trendline). Since January 2023, it has continued higher and the bias remains bullish. Support sits along the ascending trendline at $85.43, though if a dip below this price were to happen, this would not instantly indicate that a reversal trend is taking place as we're looking at a stock. It is likely that the price may move sideways until the next Fed interest rate decision. Towards the upside, resistance sits at $95.81 then a tough level at $98.98. A break above $98.98 could see the price move higher towards $106-$108 in the mid-long term. Looking at the technical indicators, MACD is still negative, but the volume is lowering and edging towards a neutral stance. Whereas RSI is already neutral as it reads 49.