AMD Reports: Planning for Each Scenario

NASDAQ:AMD   Advanced Micro Devices Inc
AMD reports after the close today and is expected to have strong revenues over last quarter. The chart patterns suggest some Pro Traders setting up ahead of the report.

The question is how far can it rise on the retail reaction to the report? Where are the sellers? See the red lines. 124 is the strongest resistance for the short-term trend, but there are potential stalling levels on the way up as well.

Earnings reactions can be a very short-lived event, so prepare to take profits when the pro traders do. They trade against retail.

Martha Stokes, CMT

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