Taiwan Semiconductor stock had its Relative Strength (RS) Rating upgraded from 79 to 87 Friday. The chipmaker posted better-than-expected Q3 results and gave a rosy outlook for semiconductors in 2024.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's proprietary rating identifies share price performance with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database.
Decades of market research reveals that the best stocks tend to have an RS Rating of above 80 in the early stages of their moves.
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Is Taiwan Semiconductor Stock A Buy?
Taiwan Semiconductor stock is working on a consolidation with a 110.69 buy point. See if it can break out in heavy trading. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
Although earnings and sales growth came in at -26% and -12%, respectively, in the latest report, that showed improvement for both EPS and revenue.
Taiwan Semiconductor stcok holds the No. 6 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. MACOM Tech Solutions and NXP Semiconductors are also among the group's highest-rated stocks. For more industry news, check out "Chip Stocks To Watch And Semiconductor Industry News."
