AMD: A TOP sign under a MAJOR RESISTANCE! What if it corrects?
• AMD is stabilizing in a resistance area, as seen in the weekly chart;
• However, the trend is still bullish, as AMD is still doing higher highs/lows;
• From the previous top to the previous bottom at $70.16, AMD corrected nearly $10;
• It is important to notice that the $70.16 (red line) is very close to the 1st retracement at 38.2%;
• If AMD loses the 38.2%, frustrating the bullish reaction seen yesterday, then the momentum would be strong enough to drag it to the 61.8% near $64;
• This would reinforce the top sign seen in the weekly chart;
• For now, let’s pay attention to the $70.16, as this is the most critical point on AMD for now, in my view. I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my analyses!
• However, the trend is still bullish, as AMD is still doing higher highs/lows;
• From the previous top to the previous bottom at $70.16, AMD corrected nearly $10;
• It is important to notice that the $70.16 (red line) is very close to the 1st retracement at 38.2%;
• If AMD loses the 38.2%, frustrating the bullish reaction seen yesterday, then the momentum would be strong enough to drag it to the 61.8% near $64;
• This would reinforce the top sign seen in the weekly chart;
• For now, let’s pay attention to the $70.16, as this is the most critical point on AMD for now, in my view. I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my analyses!
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