AMD Triangle + Head and Shoulders
Updated
AMD is currently 30% off its highs. Since making a low in late January, AMD has found support and has consolidated. Connecting the support and resistance allows us to identify a symmetrical triangle consolidation. This pattern is neutral but it has a bias to current trend. The short term trend is down and I have also identified a potential head and shoulders on the larger time frame. Both lead me to believe that AMD could go lower. the targets from a Symmetrical triangle are equal to the width of the triangle. That means on the downside, we should look for $95 as PT 1 and $75 as PT2. On the long side, we can look for $130 as PT1 and $145 as PT2. A good stoploss would be the midpoint of the symmetrical triangle. Wait for the breakout confirmation (a strong close above or below the range) before trading.
Trade active
Looks like the trade triggered to the downside. Short below 110 and stop out above it.Trade closed: stop reached
Stopped out. Watching for reentry possibilities.
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