AMD has been ranging between 10 to 15 since Jan 2017. Finally break the resistance around mid June 2018. Price make a pullback to retest and bounce from resistance turned support... Expect to rally to 19 then 21 if price able to maintain above 15.5 (Resistance turned Support) area.
Wait for reversal signal and go long around 15.5 area.
Trade active
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Price entered support zone twice.. First hammer with lowest shadow at 15.9, second hammer with lower shadow around 15.7.
Good support around 15.5 to 16.00. If today price able to close above 17.33, then high chances AMD to move towards first stop 19...
Trade closed: target reached
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Target achieved. May form Evening Star Doji pattern (Bearish Reversal Pattern) Price might pull back to 0.618 Fibo retracement and retest Resistance turned Support at 17.4 area.
So are3 you saying that the price is going down to 15.50 before it goes back up? I am new and trying to learn. so support is 15.50 and resistance would be...?
YeoKengGiap
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@Manny1215, it would be good if it can go down and retest 15.50 to 16.00 area. Otherwise, risk-reward ratio may not be attractive to me. I would add my position if I see reversal at around that area. Otherwise, I’ll wait until it break 17.30 resistance with good volume.
Phat1125
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I highly doubt it will retrace to 15.5 AMD is looking like its going to have good second quarter earnings and looking to breakout to 21 on July 25th. But if they have bad earnings I believe it'll go lower than 15.5
kgiap123
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@Phat1125, AMD had a good bull run almost none stop from 12 to 17 . That is 40% upside. Hit top at 17.33 then retest support, but fail to make higher high.. Earning is near. It's possible to retrace to 15.5 or psychological support at 16 before earning.. Otherwise, further buy if it breaks 17.33... Anything is possible when Trump tweet.. ;)