Taiwan Semiconductor

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Nearest Resistance: $18.50
Nearest Support: $16.25
Catalyst: Guidance Concerns

>>5 Stocks Under $10 Set to Soar

Even though Taiwan Semiconductor ( TSM) delivered strong numbers in this morning's second-quarter release, investors are having any of it. That's because that earnings beat came with big concerns about guidance -- including the possibility that inventories could start backing up for TSM later this year. With weakness in semiconductor stocks still fresh in investors' minds, shares are off 8% today.

From a technical standpoint, there's still some room for TSM to fall before it reaches support at $16.25. That level has been a pretty strong price floor for shares in the past, and I'd expect that to continue to be the case.

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-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

Follow Jonas on Twitter @JonasElmerraji

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