AMD Double Top formed. Time to pull-back?
Advanced Micro Devices (AMD) has been rising non-stop before February, and gave our last solid buy on our December 12 2023 analysis (see chart below):
Since then, it formed a High (Higher High for the 1.5 year Channel Up) on January 25 2024 and Resistance 1. On Friday it touched this level again, which is so far a technical Double Top formation. As long as it holds, we expect the 1D MA50 (blue trend-line) to break for the first time in 4 months (since November 01 2023) and approach the 1D MA100 (green trend-line).
On top of that, the 1D RSI is on Lower Highs that broke below the Higher Lows which has been the Sell Signal during the previous three occurrences. Our target is a minimum of -19.38% decline such as on the June 26 2023 Low. If the 1D MA100 breaks, we will open another one to target the 1D MA200 (orange trend-line) and 0.382 Fibonacci Channel level at 130.00, which will represent a -29.77% drop, being the total decline on the October 26 2023 Low.
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Since then, it formed a High (Higher High for the 1.5 year Channel Up) on January 25 2024 and Resistance 1. On Friday it touched this level again, which is so far a technical Double Top formation. As long as it holds, we expect the 1D MA50 (blue trend-line) to break for the first time in 4 months (since November 01 2023) and approach the 1D MA100 (green trend-line).
On top of that, the 1D RSI is on Lower Highs that broke below the Higher Lows which has been the Sell Signal during the previous three occurrences. Our target is a minimum of -19.38% decline such as on the June 26 2023 Low. If the 1D MA100 breaks, we will open another one to target the 1D MA200 (orange trend-line) and 0.382 Fibonacci Channel level at 130.00, which will represent a -29.77% drop, being the total decline on the October 26 2023 Low.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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