1. 2008: Advanced Micro Devices (AMD) announces a transition to a fabless model, focusing on chip design and leaving manufacturing to a new entity.
2. 2009: GlobalFoundries was born through a joint venture between AMD and Mubadala Investment Company, a sovereign wealth fund of the United Arab Emirates.
3. 2011: GlobalFoundries acquires Chartered Semiconductor...
Price has filled the gap from last week. I'm expecting the upside to continue towards 65 USD. Alternative entry would be around the lower trend lines if price gets there.
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 60.3/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : C
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
GFS is forming a Three Drives to a Top pattern in the Daily just at the same spot of the 0.618 retracement of the previous swing.
I am inputting an order to sell short at 65.43$ with a 0.75$ stop loss.
Global foundries shows a harmonic shark pattern with a Close below 61.14 activating T1 target @ $54.75
Break the 0.382 fib zone at the sloping trendline activates T2 target @ $48.40
T1 target @ $54.75
T2 target @ $48.40
Technicals:
GFS is in an ascending channel
Has just had a reversal off the channel support line
Reversal confirmed by crossover above lower line of regression channel
There's around 30% upside to the resistance line of the channel.
I will play this situation with a short-term, long swing trade. My profit target is ~25%, at 71.39, with a risk/reward of...
I bought this one yesterday with a Stop at 60.5$
If you want to get in, maybe wait for a small intraday pullback before doing so if you consider that a 6% risk is too much for you in current market conditions.
GFS is a young IPO that has finally formed its first proper base. The weekly chart shows tons of accumulation and a strong volume profile. This broke out of a 13-week 29% deep cup base and now has a tight weekly close. I will be watching this to hopefully pullback to the 21 ema. It may not happen, but if it does, I will be ready to pounce
$GFS did the right thing on Friday and needs to weaken a bit here to correct that wedging price action.
Still top dog on my list. Just wanting for the right price action/moment.
volume pattern on $GFS is just beautiful.
Price action needs some work so crossing fingers from some quiet movement tomorrow that puts it in a better shape for early next week.
Please find my humour style of technical chart.
1. From what I foresee, this week will go up and higher prior to the financial report release.
After that, the prices are likely to start dipping to before 45 on 20th May.
2. Alternatively, the price will start to go down, 1st May onwards will go up till 10th May.
After that, the prices are likely to start dipping...
It is looking strong today, on the overall weak day after inflation report
Already up 5%
I think, it's only the beginning of the move after strong earnings and analysts upgrades.
MACD and RSI are also confirming the move
We'll see
