No solid judgement made here, but I would lean towards bearish if I owned AMD.
AMD looks overbought based on 4HR, Weekly, and Monthly timeframe Stochastic indicators. Even on Daily timeframe stochastic is overbought (depicted), albeit only slightly. I usually wait for Stochastic to breach 90 to be overbought. Meaning, could be a slight pump Monday. However, overall, Stochastic indicates AMD is a sell.
MACD looks bullish to me. Price low on 2 Nov is lower than price low on 18 Sep, however, MACD on 2 Nov is higher than MACD on 18 Sep, indicating bullish divergence.
Between Stochastic and MACD I would side with Stochastic.
Looking at DMAs, price has pulled above each DMA meaning a pullback is likely to happen within at least the next 2 - 3 weeks, if not this week.
I didn’t depict the EW count, but the channel and Fibs correspond to a possible 3 OR 5 wave count that might be a leading diagonal. If a 5 count, I would expect price to correct to between 0.5 and 0.618 fib levels. If a 3 count, price might trade sideways while in wave 4 and possibly dip as low as the 0.618 fib but more likely wouldn’t dip lower than about $64 before beginning wave 5.
The shaded boxed regions correspond to Wyckoff phases of accumulation and distribution, which typically align well with EW waves. Here, we see accumulation before the start of what could be a wave 1 and distribution in what could be a wave 2.
To summarize, I don’t hold AMD but would be bearish if I did. Based primarily on Stochastic and DMAs, I would sell and wait for a pullback near $64. However, AMD might be nearing the end of a wave 4.
AMD looks overbought based on 4HR, Weekly, and Monthly timeframe Stochastic indicators. Even on Daily timeframe stochastic is overbought (depicted), albeit only slightly. I usually wait for Stochastic to breach 90 to be overbought. Meaning, could be a slight pump Monday. However, overall, Stochastic indicates AMD is a sell.
MACD looks bullish to me. Price low on 2 Nov is lower than price low on 18 Sep, however, MACD on 2 Nov is higher than MACD on 18 Sep, indicating bullish divergence.
Between Stochastic and MACD I would side with Stochastic.
Looking at DMAs, price has pulled above each DMA meaning a pullback is likely to happen within at least the next 2 - 3 weeks, if not this week.
I didn’t depict the EW count, but the channel and Fibs correspond to a possible 3 OR 5 wave count that might be a leading diagonal. If a 5 count, I would expect price to correct to between 0.5 and 0.618 fib levels. If a 3 count, price might trade sideways while in wave 4 and possibly dip as low as the 0.618 fib but more likely wouldn’t dip lower than about $64 before beginning wave 5.
The shaded boxed regions correspond to Wyckoff phases of accumulation and distribution, which typically align well with EW waves. Here, we see accumulation before the start of what could be a wave 1 and distribution in what could be a wave 2.
To summarize, I don’t hold AMD but would be bearish if I did. Based primarily on Stochastic and DMAs, I would sell and wait for a pullback near $64. However, AMD might be nearing the end of a wave 4.
Comment:
Just realized that I forgot to suggest to toggle the price scale to logarithmic. Turns the channel into a rising wedge. If the bounce down from the 1 fib level validates the chart in any way, then it may mean a bearish move is inbound. If soon price doesn’t rebound above the 1 fib and then hold it, then target somewhere below $58 and void the $64 target because likely indicates a completed 5 wave count.