AMD: Around the 61.8% Retracement! [Target Hit + New Key Points]
• AMD is crashing today, and it is rejecting yesterday’s bullish reaction;
• What’s more, it behaved exactly as we described in our previous analysis on it: It respected the first retracement at 38.2%, but when it lost it, it just dropped to the 61.8%, ignoring the 50% retracement – This pattern happens most of the time;
• In the 1h chart, AMD is losing the 21 ema again, and it seems it wants to fill the previous gap at $62.84 (red line);
• It is still above an important support area, made not only by the gap mentioned above, but by the 61.8% Fibonacci’s Retracement;
• There’s still time for a bullish reaction, but so far, the price action is not confirming any bottom sign in this support area;
• If AMD loses the $62.84 area, the next technical support is around $59 - $58 (blue lines);
• AMD is in a short/mid-term bear trend, as it is just doing lower highs/lows in both, 1h and daily charts. There’s no bullish reversal structure on it as well, but if AMD is about to react, now is the perfect time. I’ll keep you posted on this.
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• What’s more, it behaved exactly as we described in our previous analysis on it: It respected the first retracement at 38.2%, but when it lost it, it just dropped to the 61.8%, ignoring the 50% retracement – This pattern happens most of the time;
• In the 1h chart, AMD is losing the 21 ema again, and it seems it wants to fill the previous gap at $62.84 (red line);
• It is still above an important support area, made not only by the gap mentioned above, but by the 61.8% Fibonacci’s Retracement;
• There’s still time for a bullish reaction, but so far, the price action is not confirming any bottom sign in this support area;
• If AMD loses the $62.84 area, the next technical support is around $59 - $58 (blue lines);
• AMD is in a short/mid-term bear trend, as it is just doing lower highs/lows in both, 1h and daily charts. There’s no bullish reversal structure on it as well, but if AMD is about to react, now is the perfect time. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
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