$AMD in “W” Formation?
Updated
AMD looks to be developing a “W” formation, similar to a double bottom. There are quite a few of these formations on charts especially in the “Semis.” AMD stands out to me and looks to have a measured move from the breakout point (top of middle of “W” measured an equal move higher, see chart). The breakout looks to me to be $157.82 for a possible entry. I have an alert set early at $155.25 so I can evaluate an earlier entry. All TBD.
The target price looks to be very close to the previous high or about an 18% move. Again, all TBD.
If I take this trade, I will update the post. Note, this is “looking” like a setup to me, it is not yet a trade. Thanks for looking.
Comment
AMD can also be looked at as a wedging pattern that looks to have already broken out. Just another reason to keep this on your watchlist. I am cautious going into Wednesday's Fed announcement so no new positions for me until that event.
Trade active
I have started a 1/2 size position here with a stop below todays low. I will add if / when we get a breakout around $160.00. My entry price is 156.13. Let's see what happens.
Comment
AMD may be a bit stretched on the day but it is trending so I have added another 1/4 size to bring my position to a 3/4 size. I am going to need some consolidation to add more and I have a tight stop on the added shares. See chart.
Comment
Stopped on the 1/4 add-on...
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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.