AMD setting up for bearish head & shoulders ahead of earnings
AMD is potentially setting up for a bearish head and shoulders formation ahead of its July 25 earnings. Formation will be confirmed upon tomorrow's closing price.
AMD's price movement over the past five trading days has been subject to uncharacteristic indecision shown in several successive spinning tops. Its climb was uncharacteristically slow following its ~13.15 rebound from its ~12.15 bottom which indicates poor pricing conviction.
I'm currently short and will remain so until it reaches bottom of trendline again. Previously long at 12.5, exiting at closing bell today.
I expect reversal to begin by midday tomorrow.
AMD's price movement over the past five trading days has been subject to uncharacteristic indecision shown in several successive spinning tops. Its climb was uncharacteristically slow following its ~13.15 rebound from its ~12.15 bottom which indicates poor pricing conviction.
I'm currently short and will remain so until it reaches bottom of trendline again. Previously long at 12.5, exiting at closing bell today.
I expect reversal to begin by midday tomorrow.
Comment:
Downturn officially in progress now, if you haven't closed out your positions yet do so immediately.
Comment:
Closing this short, major upswing ahead.