Yes, AMD did a structure near its . We have a Piercing Line pattern, a very well-known reversal pattern, just above the support at $ 85.77. This worked as a , since it was previously a top level on June 18, and this movement corroborates with the Principle of Polarity.
What’s more, this pattern came after a retest of the 21 in the weekly chart, something we also expected. This is a reversal pattern that occurred above a dual-support level in different time-frames.
This made AMD fly again, but we are not in a bull trend officially yet. The $ 94 area is an important resistance for AMD in the short/mid-term, and could hold the price for a while.
Pullbacks to the 21 in the are also expected. This week we have Earnings, and this will surely bring some for AMD . If it’ll crash to the $ 85 or defeat the $ 94 we don’t know yet, but we’ll have our answer soon.
Let’s keep our eyes open here! If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good week!