AMD is breaking out of a small symmetrical triangle pattern on the daily chart. This follows after having broken out of a slightly ascending channel back on November 4th. The stock price is still surfing that 10-day EMA line as well. The EMA line is similar to where the top band of a Keltner Channel can be found confirming the strength of this bullish move.
The stock is in an overbought condition both on a Weekly & Daily chart so entering at this time may require a tight stop but I am still aiming for that $40.20 level. A dynamic P&F chart provides a potential target of $41.73 for people who like to take a look at P&F targets.
The stock is in an overbought condition both on a Weekly & Daily chart so entering at this time may require a tight stop but I am still aiming for that $40.20 level. A dynamic P&F chart provides a potential target of $41.73 for people who like to take a look at P&F targets.
Trade closed: target reached:
AMD made an amazing run the first hour of the trading day & is beginning to pullback so now is a good point to take some profits as the stock is near my potential price target of $40.20. The stock tried to get above $40 a couple of times before beginning to roll over & with the $40 psychological number fighting back seems like a good time to take profits instead of trying to be greedy for that last $0.20 cents.
I will continue to keep an eye on the stock for more strength after a pause for breath.
I will continue to keep an eye on the stock for more strength after a pause for breath.