AMD correction is over. Buy for the long-term.

BATS:AMD   Advanced Micro Devices Inc
Back on March 13 (see chart below) we gave a bold (for the majority of the market) sell signal on Advanced Micro Devices (AMD), as we saw the stock topping at the top (Higher Highs trend-line) of its 2-year Channel Up:

Our signal was delivered and the price corrected significantly by -37% and has almost reached the 1W MA50 (blue trend-line), which was the level that held and made the last bottom and Higher Low for the Channel Up on the week of October 23 2023.

As the 1W RSI also reached the symmetrical Support level of the October 2023 bottom (45.50), we believe that the market has already started the bottom process and any week now will start the new Bullish Leg of the Channel Up.

Technically the previous 2 rose by +144% but we will settle our own long-term Target a little lower at $300.00, so that it makes a standard Higher High on the Channel Up.


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