Taiwan Semi (TSM) forming a big weekly base under $122.50 and looks poised to break out after pulling back to the top of monthly value and hammering on Friday. Shares are nearing a bullish MACD crossover on the weekly timeframe after pulling back to zero while RSI is coiled under 55 and ready to run. TSM has notable bullish open interest including buyers of 1,500 June $105 and $110 calls on 11/12 for more than $5M combined and also buyers in the April $115 calls on 10/20. TSM has size in the March $110 calls and January 2023 $105 calls as well.

Trade to Consider: Long the TSM January $125 Calls for $3.50 or Better