Hello traders and investors! Let’s see how AMD is doing today!
First, in the 1h chart, we see a strong bear trend, and there’s nothing indicating it’ll reverse. As long as we keep seeing lower highs/lows, we can’t say it is a buy.
However, AMD has a few key points that if broken, it could trigger a reversal. First, we have the 21 ema, working as a resistance for the price. Second, we have the purple trend line, as AMD has been trading below it for nearly a month now. Last, we have the previous resistance at $ 91.35. Only if AMD breaks all these resistances we might say the trend will reverse in the mid-term.
If AMD is about to react, the timing couldn’t be better: We just hit the support from July 2021 today (blue line). We see a bullish candlestick today, which is great, and since we are just at this support, the Risk/Reward ratio favors long trades.
We are far from the 21 ema, and any reaction in the 1h chart could make it retest the ema again. If we see more confirmation signs in the daily chart, we could say AMD will fill the last gaps, and the $ 118.60 would be our target.
The only problem is we have earnings in 6 days. This will increase the volatility, and could help a bullish thesis, sure, but if it backfires, the next support level is at $ 72. For now, I am neutral on AMD, and I see many other stocks that look much more interesting, but if this works out, it could be a great opportunity to trade.
Now is the time to watch it closely. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
will see, triple top on the first resistance in the AH
Sdoof
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Agreed , reversion is becoming a strong probability, earnings anouncement could be the catalyst
dg78
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Thanks for posting.
deyonn1227
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Thanks for the very informative information I agree
Vibranium_Capital
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I think it can reverse soon
Mr_PDR
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Confirmed.
CowabungaDad
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Thanks for sharing! 72.90 is my target buy. I also see those three unfilled gaps but might not be filled until a summer rally. If earnings or guidance disappoints, stock heading to your next support level. Like your analysis!!!