Hello traders and investors! My last analysis on AMD was on April 27, but my previous reading was very accurate, as it respected our key points very well (link to my previous analysis below this post, as usual). Now, we must update a few things.
First, in the 1h chart, AMD reversed the trend, as we expected, and even when the volatility increased, it couldn’t lose the blue line at $ 84.24, which was our most important support level (the daily chart will show it better).
Now it seems AMD is doing a pullback to the previous support level around $ 104, which worked as a resistance two times recently, and now it is working as a support. This is the Principle of Polarity in Technical Analysis. Only if it loses this support we would see AMD dropping more. The next support is the black line at $ 99, which is an interesting point that we’ll talk about later.
For now, all we can assume is that since it is a bull trend, AMD will seek higher levels, even considering it’ll do pullbacks along the way. Remember: Trends persist until a clear reversal occurs (Dow Theory).
Remember the $ 84.24, the most important support? Here we see that AMD did a Double Bottom chart pattern just above this price level. In addition to this, if you zoom out, you’ll realize that this support dates back to July 2021. In order to trigger a long-term bear market on AMD, we must lose this line, and this won’t be easy.
For now, AMD is clearly bullish, doing higher highs/lows, heading to the target I mentioned in ym last analysis, when we were below $ 90: The Gap at $ 118. Meanwhile, pullbacks are acceptable, and would be just opportunities to buy. The 21 ema is a good support level to work with in the daily chart, and coincidence or not, it is at $ 99 right now (remember the black line I mentioned in the 1h chart?).
Let’s keep our eyes open, as AMD is near its key points right now. Maybe it’ll give another buy soon, if it reacts near any of its support levels. What could ruin the bullish bias? If it does a clear reversal sign, and if it loses its 21 ema in the daily chart.
I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses!
First, in the 1h chart, AMD reversed the trend, as we expected, and even when the volatility increased, it couldn’t lose the blue line at $ 84.24, which was our most important support level (the daily chart will show it better).
Now it seems AMD is doing a pullback to the previous support level around $ 104, which worked as a resistance two times recently, and now it is working as a support. This is the Principle of Polarity in Technical Analysis. Only if it loses this support we would see AMD dropping more. The next support is the black line at $ 99, which is an interesting point that we’ll talk about later.
For now, all we can assume is that since it is a bull trend, AMD will seek higher levels, even considering it’ll do pullbacks along the way. Remember: Trends persist until a clear reversal occurs (Dow Theory).
Remember the $ 84.24, the most important support? Here we see that AMD did a Double Bottom chart pattern just above this price level. In addition to this, if you zoom out, you’ll realize that this support dates back to July 2021. In order to trigger a long-term bear market on AMD, we must lose this line, and this won’t be easy.
For now, AMD is clearly bullish, doing higher highs/lows, heading to the target I mentioned in ym last analysis, when we were below $ 90: The Gap at $ 118. Meanwhile, pullbacks are acceptable, and would be just opportunities to buy. The 21 ema is a good support level to work with in the daily chart, and coincidence or not, it is at $ 99 right now (remember the black line I mentioned in the 1h chart?).
Let’s keep our eyes open, as AMD is near its key points right now. Maybe it’ll give another buy soon, if it reacts near any of its support levels. What could ruin the bullish bias? If it does a clear reversal sign, and if it loses its 21 ema in the daily chart.
I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses!
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
