Benzinga | Sep 6, 2021 09:22AM EDT

'Options Action' Panel Weighs In On Taiwan Semiconductor

Carter Worth of Cornerstone Macro spoke on CNBC's "Options Action" about Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM). It was a great winner, but it sold off and now it's trading around 13% off its highs. Worth sees a lot of authority around the $125 price level and with good relative strength day-to-day and week-over-week, he would play for a breakout.

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Tony Zhang likes the range the stock is trading in, but he doesn't see a compelling reason for a breakout right now. He finds it prime for a breakout, so he would be a little bit more patient because it could trade in a range for a little bit longer.

Mike Khouw likes it on the long side. He has seen a decent amount of bullish options activity in the name and in the ETFs that have Taiwan Semiconductor as the largest constituent.