AMD Approaching Key Areas

28 jul 2022

AMD

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  The chart:
  The bearish downtrend is obvious, as AMD has been trading within this descending channel since peaking back in late Nov. 2021. The price has rebounded since entering the purple area, which marks a strong support zone from back in mid 2020 to mid 2021. Also, note how the stock has seen recent movement around the orange support line, which I marked using long-term bottoms from before and during the pandemic. The red trend line is drawn as a long-term support too, just with more of a worse-case-scenario outlook.
  
  My thoughts:
  There are a bunch of factors that are at-play here... the Fed's rate hikes, supply chain issues, the economy and FOMC, recent policy, Nancy Pelosi's wise investment decisions, etc etc... A bull run doesn't make much sense to me yet, so I'm overall bearish on the market. I'm expecting this short-term bull run to reverse as AMD pushes towards the upper bound of the channel. If so, we would probably see support again at the marked areas. FOMC and capitulation could also still be at-play, but who knows. That being said, I'm high on AMD long-term.
  
  
  Notice I never told you what to do with your money, and remember morons run our country.