AMD MNT: 40% correction / welcome to BEAR PARTY(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: US/Global stock markets are maxed out
::: 20/25% correction August/September
::: DAX down 5% in Europe already today
::: QQQ/SPY joining BEAR party soon
::: AMD is TOPPED out...
The AMD Ryzen and the Intel Core CPUs offer similar performance, the former being better at multi-tasking while the latter are faster when it comes to single-core tasks. However, Ryzen CPUs tend to offer better value for your money.
Technical Analysis - The idea is to go long following the major bullish trend.
Fundamental Analysis - Good News as per below...
AMD 30 minutes chart below shows that the stock has ended the cycle from July 14 low as wave (3). The rally ended at 87.29 high. The subdivision unfolded as a 5 waves impulse Elliott Wave Structure. From July 14 low, wave 1 ended at 62.68 high and the pullback in wave 2 ended at 58.63 low. Afterwards, the stock resumed higher in wave 3, which ended at 77.19 high....
Intel has a beautiful curve that has came up to the previous high on a monthly chart as is now playing a nice channel.
We are currently sitting on support for this channel and if broken support, then this is probably a double top and expect a correction.
Im only looking for a short channel support break. Otherwise I'll scrap and move along.
AMD, NVDA, INTC...
I have kept my eye on lookout for a spot to short AMD.
Price has been playing this rising wedge perfectly.
We were looking to short it not too long ago if it would of broke through the support.
Instead it surged to return to the top of the wedges resistance.
We are now approaching the $90 level. I am interested in taking a short position their based off the...
AMD is a very good stock, it has an out-of-date enterprise report, I gave it up to 12% of the assets to buy, I bought 50% and 50% would buy at $ 61.30 .
Pattern : Cup and Handle + Rectangle
AMD wait buy : $61.30
AMD target : $80
Stop loss : 12%
Wish you good deals!
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...
I wish I had done this before Netflix's earnings were released, because I saw a notable bear flag. And it played out. And Intel had a nice head and shoulders forming, and they dropped like a rock too.
Don't trade off of this, but let's see if we can predict the market's reaction to AMD's earnings prior to their release.
I see a long-term broadening pattern...
Waited the entire market rally for this to happen. AMD finally hit its 2.0 motive wave 5 after Intel disappointing earnings. I personally ran out of patience and sold back at $49, oh well. Nothing left in it now except for a corrective wave just like all the other big tech stocks.