AMD ( Advanced Micro Devices ) has shown incredible momentum over the past year. In this analysis, we take a purely technical approach, exploring the evidence for a further breakout.
- We have spotted a traditional reverse pattern on the 4H chart
- This pattern has been supported by a parabolic support
- We have seen a small correction after the formation of the right shoulder, which could be interpreted as the handle pattern
- Despite the correction, the ( ) continues in an uptrend, creating higher lows and higher highs
- The Moving Average Convergence Divergence ( ) also shows a clear uptrend, with a potential golden cross
What We Believe
Though not stated in this analysis, we believe that AMD is a stock with strong fundamentals, and a lot of potential based on short term technicals as well.