AMD - Correction Is Over, AlphaOverBeta Technical Analysis

NASDAQ:AMD   Advanced Micro Devices Inc
Hello Traders,
Analyzing AMD from the technical perspective, we see that the peak was reached at 57$,
After that, the stock retraced some of the gains and went back to the support of 52$ and the stock is now ready for the next leg up.
Our stop loss is set at 49$, a healthy 3$ spread, there is a greater chance that the stock will move to the upside but in case it does not and the correction turned into a downtrend, we close the entire position at 49$
Today (May 27th) is an interesting day for the price pattern of the stock, a clear hammer is formed supporting the uptrend hypothesis,
The support of the 52$ is also the 50 days EMA which also served as support since April 2020.

Trade Smartly,
Alon, AlphaOverBeta


Alon, I concur. Also the bottom of the hammer is the 61% corrective retrace of the April 3rd bull run. Good work!
+2 Reply
Alon_AOB chiefwils0n
@chiefwils0n, Thank you, appreciate it
Added to my positions today, looking for next week action
Bought today @ 52.75 58 would be nice.any target date on that 58.thanks
AMD going to 58~
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