Hello traders
My attention has been drawn to the semi conductor sector with a few stocks...Today I am analyzing AMD purely on chart analysis no fundamentals...AMD has been slipping since Nov of last years ATH's and has been choppy between $100 & $120ish...Currently is retesting a downtrend breakout & failure of this I believe sends this down(quite a bit IMO) to the heavy resistance turned support at the $100ish area...If we bounce off of that heavy support then I look to go long to the $120 area BUT if we break the $100ish area I look to go short after a break and retest of that $100ish area...As you see this is forming a beautiful H & S inside of a bigger H & S sitting on HEAVIER support at the $74ish area with a small GAP fill down to $70...All in all this stock is testing some very important areas and with CEO of TSM stating the semi conductor sector as a whole will see slow growth over the next 2 yrs we could be in for a wild ride...I hold no position in this stock but I am shorting TSM at the moment...What are your thoughts????
Happy Trading!!!!!!
My attention has been drawn to the semi conductor sector with a few stocks...Today I am analyzing AMD purely on chart analysis no fundamentals...AMD has been slipping since Nov of last years ATH's and has been choppy between $100 & $120ish...Currently is retesting a downtrend breakout & failure of this I believe sends this down(quite a bit IMO) to the heavy resistance turned support at the $100ish area...If we bounce off of that heavy support then I look to go long to the $120 area BUT if we break the $100ish area I look to go short after a break and retest of that $100ish area...As you see this is forming a beautiful H & S inside of a bigger H & S sitting on HEAVIER support at the $74ish area with a small GAP fill down to $70...All in all this stock is testing some very important areas and with CEO of TSM stating the semi conductor sector as a whole will see slow growth over the next 2 yrs we could be in for a wild ride...I hold no position in this stock but I am shorting TSM at the moment...What are your thoughts????
Happy Trading!!!!!!