AMD: Finally a Reversal Pattern?
• AMD is trying to trigger an Inverted Head & Shoulder chart pattern in the 1h chart;
• The pattern wasn’t triggered, so we have yet to see some confirmation of a reversal;
• This is important because the main trend is still bearish, and if by any means the price action frustrates this IH&S the bearish momentum will prevail, probably all the way down to the next support at $59, as evidenced in the wekly chart below;
• Since AMD lost the previous support at $72 (black line), the next technical stop is the $59, however, the recent price action might reverse the bearish sentiment and AMD could avoid this scenario;
• In addition to the IH&S pattern in the 1h chart, if AMD wants to trigger a mid-term reversal it is important to break the $72 again, as this point is supposed to work as a resistance in the short-term;
• Yes, AMD is trying to reverse, but we must see more confirmation signs before assuming we hit a bottom;
• In addition, in our last study, I described what is necessary for AMD to trigger a sustainable mid-term reversal, and the link to my previous analysis is below this post.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• The pattern wasn’t triggered, so we have yet to see some confirmation of a reversal;
• This is important because the main trend is still bearish, and if by any means the price action frustrates this IH&S the bearish momentum will prevail, probably all the way down to the next support at $59, as evidenced in the wekly chart below;
• Since AMD lost the previous support at $72 (black line), the next technical stop is the $59, however, the recent price action might reverse the bearish sentiment and AMD could avoid this scenario;
• In addition to the IH&S pattern in the 1h chart, if AMD wants to trigger a mid-term reversal it is important to break the $72 again, as this point is supposed to work as a resistance in the short-term;
• Yes, AMD is trying to reverse, but we must see more confirmation signs before assuming we hit a bottom;
• In addition, in our last study, I described what is necessary for AMD to trigger a sustainable mid-term reversal, and the link to my previous analysis is below this post.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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