AMD Advanced Micro Devices is establishing a very strong support level on dips @ 97.1 per share.We're still MEGA LONG On this, but the positive is the bottom refuses to fall out after a big pre-market gain: Yet another major bullish indication.
GL, ride the waves, do whatever.
See attached idea for the Long Call earlier this AM.
BDR
Note
Worth noting: The daily chart for AMD shows something of a handle formation as it is consolidating w/ a lot of sideways action since the pre-market gain. We all know the infamous cup & Handle, but rather than make the *third* AMD idea in one day, I'm leaving a note here for it!Note
Also, the support at 97.1 failed and it's in the 96s for the moment. So, the ole dictum regarding support "being there till it is not there" remains in play. That said, this is a position we remain confident in holding potentially until Friday's close, if not even longer. The RSI of this stock makes that a fairly worry-less proposition; it is outperforming its industry and making gains while many others sideways move, or fall.
Note
Down 1.15% today but still notably above my average cost, nothing has changed. It's still well within the same trade channel and in fact, the trace down was expected after a rejection from the same ascending resistance line shown in the chart.
Related publications
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.
Related publications
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.