Long

TD 9 on the daily for AMD... Short Term Bottom??

Updated

AMD has created a perfect 9 buy on the daily chart and I believe this is a good time to buy short term calls or buy the stock for a bounce to the upside. Target is the mid $12's range. It should move easily through the 61% retracement since that has provided very sloppy support and resistance but I am unsure if it will have the power to be able to break the 78% retracement. It is also possible it stalls in the $11 range, since that is the prior swing low. The 11 range might be a area to take some profits and let the rest ride into the 12's. This is not a long term trade and money should be pulled quickly on further downside

Happy trading

Note

Price closed well above the low of the 9 on somewhat low volume. Bought calls and then doubled my call position on 4/6. April 4th idea still intact

Note

Sold calls today, the run up was not as powerful as i would have hoped but I gain a 30% profit on my money which i will take any day. If you bought on the original 9 idea profit taking might be a good idea as this run up has been weak IMO

chickenfeast

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