The chart of TSEM – Tower Semiconductor is displaying an overall bullish look. There is a lot of pattern pressure as the stock has formed a bullish flag pattern. It looks like TSEM broke out to the upside today. If that’s indeed the case then TSEM should proceed to take out and close above 14$ in the very near future. As it was former resistance the 14$ price level is the most likely region to contain a cluster of stop buy orders.
If those stop buy orders get triggered and TSEM can close above the 14 level my best guess is for the stock to launch a move to the 17 – 18 $ area. This would be the ABC price target as seen in my chart annotations.
Click on TSEM chart to enlarge:
TSEM company overview from Yahoo finance:
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures analog intensive mixed-signal semiconductor devices in the United States, Asia, and Europe. It produces integrated circuits (IC) primarily based on third party designs and proprietary designs with geometries ranging from 1.0 to 0.11 micron, as well as provides design and technical services. The company also offers a range of customizable process technologies, including SiGe, BiCMOS, mixed-signal and RFCMOS, CMOS image sensor, power management, and non-volatile memory, as well as MEMS capabilities. Its ICs are used in a range of products in various markets, including consumer electronics, personal computers, communications, automotive, industrial, and medical device products. The company offers its foundry services to fabless semiconductor companies and independent device manufacturers. Tower Semiconductor Ltd. was founded in 1993 and is headquartered in Migdal Haemek, Israel.
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