On a daily chart, we can see that AMD has been rising up since the very beginning of 2019. First was the Intel's shortage of CPUs and AMD was able to step up, and then the announcement, that Google will use AMD processors in their cloud computing services. We believe that AMD has a few more dollars of upside potential, but do not expect the price to rais above the previous high of 34$ a share. On the technical side, we can see that a rising support line has formed beneath the recent bullish move. That indicates more upside potential. RSI is also not overbought, so we are at a healthy rise up. Be careful as a correction may form. Watch for the potential breakouts beneath the rising support line.
On the four hour chart, we can see, that a smaller reversal after a small dip towards the support line is already happening. If buying here, we need to be careful of the price dipping to the actual line or even a bit below.
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On the four hour chart, we can see, that a smaller reversal after a small dip towards the support line is already happening. If buying here, we need to be careful of the price dipping to the actual line or even a bit below.
Feel free to pick up a copy of our free weekly market outlook here:
mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!