Reiterating AMD Short, Bearish Head & Shoulders TP 12-12.5
I'm reiterating my short position on AMD after confirmation of the bearish Head & Shoulders formation ahead of earnings & downgrade by Barcley's. I would advise that potential buyers beware and stay away until after-hours on July 25th.
AMD saw nearly a quarter of its market cap wiped out after what was perceived to be a positive earnings release in Q1 but lukewarm guidance. Therefore AMD would need to blow expectations out of the water to justify re-entry at current price levels which are similar to pre Q1 earnings release levels. Another positive earnings release with lukewarm guidance is enough to send the stock down again and entry at current price levels would result in substantial losses, as such I would advise that potential bulls beware and only enter after confirmation of bullish sentiment following the earnings release.
I see immediate pre-earnings price targets at 12.5 and 12.
AMD saw nearly a quarter of its market cap wiped out after what was perceived to be a positive earnings release in Q1 but lukewarm guidance. Therefore AMD would need to blow expectations out of the water to justify re-entry at current price levels which are similar to pre Q1 earnings release levels. Another positive earnings release with lukewarm guidance is enough to send the stock down again and entry at current price levels would result in substantial losses, as such I would advise that potential bulls beware and only enter after confirmation of bullish sentiment following the earnings release.
I see immediate pre-earnings price targets at 12.5 and 12.
Comment:
Closing this short. Major upswing ahead.