Neutral analysis of $AMD showing a Fib retracement from its pre-pandemic high of 59 to its all time high of 146. Notice how technically significant the 0.618 and 0.786 retracement levels have proved to be for support and resistance.
$99.45 = .618
$81.78 = .786
This checks out fundamentally as well. $100 and $80 are psychological levels to buy and sell at (0.382 / $125 as well: August 2021). This is why these prices acted as significant levels. As of 8/22/22, it is currently battling between these two levels. Although the retracement is neutral, traders should lean bearish on chips here, as AMD and NVDA are starting to look like massive head and shoulder tops.
$99.45 = .618
$81.78 = .786
This checks out fundamentally as well. $100 and $80 are psychological levels to buy and sell at (0.382 / $125 as well: August 2021). This is why these prices acted as significant levels. As of 8/22/22, it is currently battling between these two levels. Although the retracement is neutral, traders should lean bearish on chips here, as AMD and NVDA are starting to look like massive head and shoulder tops.