Update: Hitting Channel Bottom, But Is That Bullish? #AMD #NYSE

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As indicated in the prior technical analysis (see: https://www.tradingview.com/v/CuxWkUEW/), the directional bias remains "Neutral". However, price behavior relative to the channels indicates that the bearish channel has had little influence so far on price relative as compared to the more obvious effects of the bullish channel , whose bottom border remains a significant support for the current price action (see price relative to the bold dashed green line).

At this level relative to the bullish channel support, any overhead influence by the bearish channel (see the bold dashed red line) should be considered a potential channel conversion. Meaning, price cedes and would remain under the influence of one channel over the other. A final confirmation of this conversion can be appreciated by the mere failure of the bullish channel to support price through its channel bottom line.

Aside from a price-based analysis, our predictive analysis remains intact. Because our methodology does not rely on price action, we continue to seek correlations between our own directional bias ( bearish ), and any channel interplay with price which could mutter a hint of bearish signal.

Neutral with bearish outlook - The complicity of both perspectives would firm up our conviction. Knowing this, we trust that you would seek and make the same inference as we would, once price 1) abandons its bullish environment by falling though the support of the bullish channel bottom border, and 2) by falling to the overhead influence of the bearish channel upper border. Each of these lines have been made evidence in bold.


David Alcindor | 4xQuad
- TradingView.com Moderator: "4xForecaster"


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Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations.
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