Just because a stock makes a large move in 1 day like AMD did on Friday does NOT make it bullish. The context in which this move occurs is probably more important than the move itself. This ~10% move higher occurred in a clear downtrend, below the neckline of what I am considering a head & shoulders. It also occurred within the range it has been in since April 11. Rather than looking for a long here, I would be looking to short as close to $100 as possible with a hard stop at $102. Targets below are $74 then sub $50.
@SoulflyPT, There are plenty of double bottoms on it's way down....But you may be right . I am currently holding puts up to my bolls on AMD , so I have bearish bias . VIX is currently sitting on the bottom of the bullish channel, so If it is going to bounce up on Monday then we will see AMD most likely dropping down.
heavy_assault
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looks like a double bottom to me
Thinus5422
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Thanks. Agree. Be careful for the market can go down into June 2022.