For any professional trader the situation is obvious: 1) Rising (bearish) wedge 2) Spinning top candlestick 3) Overbought RSI on both, Daily and Weekly 4) Low volume compared to the previous bullish candle 5) Overinflated P/E
At this point, I can actually finish describing my call since it's more than enough to explain why "short" is the only way to go right now. However, I would like to go a little bit further: Bulls have to understand, that the only reason for AMD's "bullishness" is the decline of Intel stocks (Blue line on the chart). There is nothing else behind it and here is why:
1) New Ryzens will be released at the end of the year. Right now, AMD's sales are bad. 2) Ryzen XT processors failed in every single review. Those CPU's simply don't make sense since AMD asking $100 for 100MHz.If we would live in 1995, $1 per 1Mhz could be justified. But not in 2020. 3) Earnings that should be announced today not going to be good under no circumstances. Even in the beginning, right after the release of Zen2, AMD had bad earnings with a negative surprise and obviously, it's not going to be better now, when sales declined and potential customers waiting for the new generation of Ryzens, which makes a lot of sense.
If this is not enough for you to stay in cash and away from AMD for now - don't worry, you still will earn experience ;)
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Earnings call starting in 25 minutes
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Making conclusions about the long term targets based on performance 12 hours after the call isn't wise. Don't be fooled by a momentary spike. As always - buy low, sell high. Not vise versa
This aged like milk. what a terrible forecast. way to not read your indicators correctly
LanaFL
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@Birry, it was posted one day ago, and this call is for months ahead. Something definitely aged, but not this call for sure ;)
Birry
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@LanaFL, Just wanted to reiterate how bad of a projection this was and you're terrible at forecasting
LanaFL
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@Birry, you know you are here because you know it's about to follow the direction I posted. After Nvidia's RTX3000 announcement, AMD has nothing on the table on the GPU side. That's why AMD stocks are holding only on hopium
@LanaFL, hi Lana. Plz help me in modifying a pine script code. How can I contact u directly? If u can plz share ur mail id?
yahara
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What a damm fool. You pst that crap minutes before the best conference call in the company's history, and you falsely claim sales will be poor? Then you post ridiculous short targets at 30$? Your credibility is 1000% crap. Well played fool.
saltysaver
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lmao comical, don't get lost in fundamentals.. how many companies gave full guidance in q1, a beat in q2 added Benny next stop 86