AMD looking to break back into two 1/2 year channel
After spending nearly three months consolidating in the 80-90 range following AMDs insane gap up from last year, we have seen the stock moving down but collecting support along the way; notably the 200MA on the daily, and now the 50MA on the weekly. With product announcements coming Monday and stimulus news hitting we could see some strong attempts to break through the bearish channel set in 2021, but it may not prove possible if the broader market decides the tech correction isn’t yet finished, not to mention the concerns over AMDs supply chain and Taiwans water supply issues.
A lot of buying last week was being credited with the upcoming event this Monday. But from a chart perspective we can see that a triple bottom was found at 74 and that the daily and weekly MA lined up perfectly to create a place for a bounce. But my forecast is that we come down to hit the weekly MA100 which is near the consolidation zone range of 64-73. Cheers.
A lot of buying last week was being credited with the upcoming event this Monday. But from a chart perspective we can see that a triple bottom was found at 74 and that the daily and weekly MA lined up perfectly to create a place for a bounce. But my forecast is that we come down to hit the weekly MA100 which is near the consolidation zone range of 64-73. Cheers.
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