AMD is one of the best stocks in the market. It offers lots of chances to both short term traders and long term investors.
General trend of stock is clearly up. It seems the stock has completed an abc form of corrective wave (iv) of 3 at strong support formed by 0.618 golden ratio of previous rally and 1.272 extension of wave b of (iv). First and short term target will be the end of larger cycle wave 3 at around 128 USD corresponding to 1.272 extension of wave (iv). After completion of wave 3 we expect a correction back to around 100 USD and another up going wave up to 134 USD to complete the larger cycle Elliott wave.
Stochastic indicator made a bullish reversal in oversold zone today which is a positive sign to be considered.
taking out the labeled wave (b) confirms this analysis and a trade below the last low makes this analysis invalid.
In spite of these all bullish signs we always trade objectively and set our stop loss carefully. We always ask ourselves : (( What if I am wrong? )).
Wish you sweet profits my friends.
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Small inverse head and shoulders is forming. We are in by our Elliot waves analysis. This tip is for those traders who work with and are interested in classic patterns.
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Although general trend of AMD is still up it may loose the last minor low which is 101.98. In that case our next strong support is around 98 USD. We always trade based on facts.
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Stopped out. Watch carefully for a bullish sign in strong 98 USD support.
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Analysis need a minor update! It will be published soon. Good luck every one.