AMD: Bullish Cup and Handle Formation 4H (Apr. 23)

NASDAQ:AMD   Advanced Micro Devices Inc

AMD ( Advanced Micro Devices ) has shown incredible bullish momentum over the past year. In this analysis, we take a purely technical approach, exploring the bullish evidence for a further breakout.

Technical Analysis

- We have spotted a traditional reverse head and shoulders pattern on the 4H chart
- This pattern has been supported by a parabolic trend line 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 Relative Strength Index ( RSI ) continues in an uptrend, creating higher lows and higher highs
- The Moving Average Convergence Divergence ( MACD ) 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 bullish potential based on short term technicals as well.

Trade Safe.


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