AMD: This pivot point could trigger a reversal on it!
Hello traders and investors! Let’s see how AMD is doing today!
First, the stock failed miserably in retesting the $ 141, which is still a technical target for it, but the moment it lost its 21 ema it got too weak. However, the recent drop seems ok, as it just went down to fill the previous gap at $ 117.26, and it seems it is stabilizing in this area now.
Remember: Gaps work as magnets, and they are nice support/resistance levels to work with. Now, the most important key point to watch here is the green line at $ 118.37. This point is a pivot point, and since AMD already did a higher low, by doing a new higher high it’ll be a good sign that the trend is reversing.
By breaking this pivot point, the next gap at $ 132.33 is the next target to aim, at least in the short-term. For now, we must wait for more confirmation.
In the daily chart, we see that this reaction couldn’t be more convenient. We have many Fibonacci’s Retracements to hold the price, and it seems the area around the 50% and the 61.8% is doing a great job.
The only scenario where AMD would be bearish is if it fails in triggering the pivot point, and loses the 61.8%. In this scenario, it could easily retest the $ 99.67 again.
For now, it’ll be extremely important to watch the pivot point in the 1h chart, and to monitor the retracements in the daily chart. I’ll keep you guys updated on this, as usual, so remember to follow me to not miss any of my future analyses.
Have a good day,
Nathan.
First, the stock failed miserably in retesting the $ 141, which is still a technical target for it, but the moment it lost its 21 ema it got too weak. However, the recent drop seems ok, as it just went down to fill the previous gap at $ 117.26, and it seems it is stabilizing in this area now.
Remember: Gaps work as magnets, and they are nice support/resistance levels to work with. Now, the most important key point to watch here is the green line at $ 118.37. This point is a pivot point, and since AMD already did a higher low, by doing a new higher high it’ll be a good sign that the trend is reversing.
By breaking this pivot point, the next gap at $ 132.33 is the next target to aim, at least in the short-term. For now, we must wait for more confirmation.
In the daily chart, we see that this reaction couldn’t be more convenient. We have many Fibonacci’s Retracements to hold the price, and it seems the area around the 50% and the 61.8% is doing a great job.
The only scenario where AMD would be bearish is if it fails in triggering the pivot point, and loses the 61.8%. In this scenario, it could easily retest the $ 99.67 again.
For now, it’ll be extremely important to watch the pivot point in the 1h chart, and to monitor the retracements in the daily chart. I’ll keep you guys updated on this, as usual, so remember to follow me to not miss any of my future analyses.
Have a good day,
Nathan.
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
