Chart has info, politics and external factors play a role in market economics which cant be accounted for, but this one loves its history. I believe we still have some more downward action, but the floor for this one isn't much further imo. Ill add more to this as the weeks go by and change structure based on market sentiment vs industry pulse
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It was a slippery slope today. Bounced off the purple trendline and that support is the only thing between a free fall back to high 9's at this point. If markets continue to do poorly I don't see amd having the ability to fight off the bears. However if you take the fibs and use purple line as support it's a short window for a move up and could be strong. Still bearish but let's see what the mkt is doing in pm
Thanks for the chart and the updates @therancher !
retest of lower fibs seems likely imo
therancher
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Needs a close above 11.61 to carry momentum. Very susceptible to market volatility.
therancher
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close below 11.61 and im confident we will test 2.0 fib
therancher
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update, I missed it but it had a retrace to the .414 fib and was rejected confidently. sitting on the .618 fib and imo is a pivot point for the price action. you should watch for market close to see if it can keep itself above .618. if not, short to 2 fib and watch rsi and macd for direction. imo if 2 fib breaks its a slide to $10.70-$10.50 range. will continue to update. my apologies for the mix up didn't zoom in enough.
therancher
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STRONGLY BELIEVE IT WILL HEAD TOWARD 2.0 FIB BUT MAY TOUCH 1.414 FIB FIRST. ACTUALLY THAT IS A VERY LIKELY SCENARIO IMO
retest of lower fibs seems likely imo