AMD: Around a CRITICAL support area!
• AMD is trading at a critical support level today, as we just hit the 38.2% Fibonacci’s Retracement + Red Line at $70.16 (previous bottom);
• In addition, AMD lost the 21 ema, therefore, in order to avoid a bearish continuation sentiment, it must react as soon as possible above this key support;
• If a bullish reaction materializes (there’s none so far), it would seek the next resistance around $79 again, possibly breaking it;
• On the other hand, if it loses the critical support, the next target would be around $63 - $64 – The 61.8% retracement + Gap;
• Usually, when AMD respects the first retracement but loses it in sequence, it ignores the 50% and seeks the 61.8% in one single movement;
• Regardless of what happens, AMD looks quite good, as it has plenty upside/downside left. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
• In addition, AMD lost the 21 ema, therefore, in order to avoid a bearish continuation sentiment, it must react as soon as possible above this key support;
• If a bullish reaction materializes (there’s none so far), it would seek the next resistance around $79 again, possibly breaking it;
• On the other hand, if it loses the critical support, the next target would be around $63 - $64 – The 61.8% retracement + Gap;
• Usually, when AMD respects the first retracement but loses it in sequence, it ignores the 50% and seeks the 61.8% in one single movement;
• Regardless of what happens, AMD looks quite good, as it has plenty upside/downside left. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
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