Trouble Ahead for AMD?
As we can see, an ascending wedge pattern has clearly formed on the AMD 1 YR chart. This means we could be in for some bearish movement going forward.
After having traded in a tight range between $89-$99 for over a month now and constantly getting rejected at the $99 level, it is hard to say we might breakout over $100 after the next earnings report which is to be released on the 26th of this month.
Fundamentally, the company could give out some great news and a stellar earnings report, but I would ask for you to trade this cautiously considering the technical analysis shows otherwise.
That being said, if you are bullish;
BTO Feb 5th $97 Call ($6.13) (Do not hold into earnings, I say this with experience, unless you want to gamble)
But if you're bearish;
BTO Feb 5th $90 Put ($3.7)
Good luck trading!
After having traded in a tight range between $89-$99 for over a month now and constantly getting rejected at the $99 level, it is hard to say we might breakout over $100 after the next earnings report which is to be released on the 26th of this month.
Fundamentally, the company could give out some great news and a stellar earnings report, but I would ask for you to trade this cautiously considering the technical analysis shows otherwise.
That being said, if you are bullish;
BTO Feb 5th $97 Call ($6.13) (Do not hold into earnings, I say this with experience, unless you want to gamble)
But if you're bearish;
BTO Feb 5th $90 Put ($3.7)
Good luck trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.