Advance Micro Devices (AMD) to reach 70 by November 22
I'm going out on a limb again, only because it motivates me to stretch the limits of my analytical skills.
As I was perusing my watch list last week, I noticed that AMD seems to have reached a support level of 56.
I've zoomed out on the daily chart to show you the huge downtrend AMD has been following for the past 12 months.
If the price continues to oscillate downwards in this slowly narrowing channel, it stands to reason that the price should rally to 70-73 by the end of November as it tests the previous support level that has now become the new potential resistance level of 73.67. It could even reach 78 if it continues to touch the top trend line.
It's not obvious while zoomed out so far on the daily chart, but the intraday price moves taking place with AMD are insane. I bought AMD on October 28 pre-market, with the expectation that the price would rally, but I didn't know it was going to rocket straight up for a 1:6 risk-reward ratio. This is the advantage of pre-market trading. It's easier to board the rocket when it's on the launch pad than it is when it's lifting off.
Disclaimer: I am not a financial advisor, and the above statements are not investment advice. My comments are only intended for educational purposes. You are solely responsible for your own trading decisions.
As I was perusing my watch list last week, I noticed that AMD seems to have reached a support level of 56.
I've zoomed out on the daily chart to show you the huge downtrend AMD has been following for the past 12 months.
If the price continues to oscillate downwards in this slowly narrowing channel, it stands to reason that the price should rally to 70-73 by the end of November as it tests the previous support level that has now become the new potential resistance level of 73.67. It could even reach 78 if it continues to touch the top trend line.
It's not obvious while zoomed out so far on the daily chart, but the intraday price moves taking place with AMD are insane. I bought AMD on October 28 pre-market, with the expectation that the price would rally, but I didn't know it was going to rocket straight up for a 1:6 risk-reward ratio. This is the advantage of pre-market trading. It's easier to board the rocket when it's on the launch pad than it is when it's lifting off.
Disclaimer: I am not a financial advisor, and the above statements are not investment advice. My comments are only intended for educational purposes. You are solely responsible for your own trading decisions.
Trade closed: target reached:
After making a triple top, AMD is making a move lower, continuing the same cyclical patterns it's been making over the past year.
I still think AMD is moving higher to meet the top resistance line, but after such a quick move, I would expect to see pull back on Monday November 14. If you look at the 30 minute chart, a top seems to have formed during Friday's post-market trading.