AMD
stuck between the long time trendline and recently formed resistance at 42.50. Today, the market closed at 42.30, but the price bounced multiple times during this week from mentioned above resistance, so let's see what is going to happen when the market will open tomorrow.
The trendline corresponding with a high VPVR's volume node and this is the most massive support that we saw during the last years.
You probably think "Than why short?". Well, you know yourself the situation in the world right now, and bad news was ruining any TA traders had before this recent, massive sell-off.
IMO, the price will stay in the red triangle, bouncing between the trendline and resistance until not being pushed to the low volume node choosing the path of least resistance, or, breaking the trendline and landing at the next support level between 31.50 and 29. That level shows the highest volume nodes (two in a row) on a weekly chart and likely will be impossible to break. Under worst circumstances, if the crisis will be long and support at 29-31.50 broken, the next level is around $24 and this is where I'll buy like there is no tomorrow if it will be given.
Bottom line: Don't short it with a market order just yet, but place a STOP-LOSS under the trend line and wait. New coming every day, and you don't want to wake up in ugly loss.
Comment:
Now 44.50 must be retested
Comment:
44.50 even just have been tested as expected. Price bounced slightly to 44.70, but it's unlikely it will hold. So far, this is the worst daily candle since Feb 25. Let's see what afterhours will bring us
Comment:
AMD approached a high volume node and fighting with resistance.
Price up, volume down. You know how this divergence will and up
Price up, volume down. You know how this divergence will and up