Quick follow up from last week, AMD is looking very weak. We are likely to see a breakdown today which will open up the $12 target on this final C wave lower.
Although earnings are set to grow by 75% this year, AMD has rallied roughly 30x off the 2016 low into the highs in 2018. There is currently a disconnect between perception and reality with p/e at 75 and p/b at 19.
Weakness in the chart:
1. Re-distribution
2. Line Change failed to break above resistance
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Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
Quick 10 minute overall look at AMD through my perspective.
Moved my buy at 24.60 ,10 minutes before opening bell. FeelsBadMan
Let me know what y'all think about AMD's future movement. As well as any info on the Chinese chip markets.
Take care.
AMD recently bounced a bit higher from an oversold territory, we might get a 10% move higher from this area eventually. Set your own stops and targets as it fits your risk profile.
AMD has continually tried to break through the resistance line but failed also a Bearish Head And Shoulders Pattern has formed meeting support line and likely to go down
AMD Bullish Pattern Forming (falling Wedge) And Has the opportunity to Break a long term Resistance line and form new target around $12.20
support line established at $11.89 if AMD breaks the resistance possible for new target around 12.20
