• AMD is clearly bearish, doing lower highs/lows, and there’s no technical evidence it’ll recover or reverse;
• Since it lost the support at $73 (black line), it is heading to the $59 (red line), which is the next support level/target;
• If AMD reacts and performs a positive candlestick in the weekly chart, it might bounce back up to the $73 area, or even to the 21 ema, if the rally is strong enough, however, without bullish reversal structure, we can’t say AMD will reverse any time soon;
• For AMD reverse this bear trend, we must see two things: 1) A bullish pivot point in the daily chart, aka higher high/low (check the daily chart below for more info), and 2) AMD must break the 21 ema in the daily chart as well;
• Either way, at $59 it might get interesting again.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• Since it lost the support at $73 (black line), it is heading to the $59 (red line), which is the next support level/target;
• If AMD reacts and performs a positive candlestick in the weekly chart, it might bounce back up to the $73 area, or even to the 21 ema, if the rally is strong enough, however, without bullish reversal structure, we can’t say AMD will reverse any time soon;
• For AMD reverse this bear trend, we must see two things: 1) A bullish pivot point in the daily chart, aka higher high/low (check the daily chart below for more info), and 2) AMD must break the 21 ema in the daily chart as well;
• Either way, at $59 it might get interesting again.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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