AMD Correction expected on this Double Top.

Advanced Micro Devices (AMD) has given excellent pull-back buy opportunities since our last analysis (December 12 2023, see chart below):


We believe though that it is time to take profit on those buy positions as the short-term Channel Up has made a Double Top similar to the June 13 2023 pattern, which started a prolonged correction. Even though the new correction doesn't have to be that long, even a shorter one is plausible as the same 1D RSI Bearish Divergence (on Lower Highs) that we currently have, was seen on all corrections within the 18-month Channel Up, with the shortest of them being -15%.

Assuming this worst case scenario, we turn now bearish and target 129.00 (-15% from the Top). Then as long as the 1D MA200 (orange trend-line) holds, or even if broken when it gets reclaimed, we will buy again for the long-term.

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