AMD: It did what it should've done! What's next?

NASDAQ:AMD   Advanced Micro Devices Inc
Hello traders and investors! Let’s talk about AMD again! As we expected, against all the pessimism, AMD was not a sell, as we thought. My last public analysis was 10 days ago, and the link to it is below this post.

Yes, AMD did a bullish structure near its support level . We have a Piercing Line pattern, a very well-known reversal candlestick pattern, just above the support at $ 85.77. This worked as a support level , 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 ema in the weekly chart, something we also expected. This is a bullish 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 ema in the daily chart are also expected. This week we have Earnings, and this will surely bring some volatility 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!
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