During the Lightning Round segment of Mad Money Monday evening one caller quizzed Jim Cramer about Taiwan Semiconductor (TSM) . "You're in good shape there. I would buy it at these levels," responded Cramer.
Let's check out the charts of TSM.
We last looked at TSM on Feb. 2 and concluded that, "I do not feel confident in the long side of TSM at this particular point in time. Trading volume was heavier in January but prices moved lower. I get the sense that we may have seen a shift in ownership."
In the daily bar chart of TSM, below, we can see that the shares worked lower after our Feb. 2 review. Prices are now testing the underside of the cresting 50-day moving average line. The 200-day moving average line is still rising and intersects around $97 or so.
The On-Balance-Volume (OBV) line declined from the middle of February to later in March but may have started a fresh advance. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal.