AMD: It just did what we expected. Now what?
Hello traders and investors! As we expected, AMD found its bottom last week, and it did a very good reaction. Let’s see what’s for us here.
In fact, AMD did exactly what we expected in our last study: A sideways movement for a while, and then it did a breakout of the pivot point at $ 106.17. My previous analysis is public, was written on Aug 19, and the link to it is below this post, if you are curious.
At the time, AMD was clearly giving us signs of reversal, and now it feels it is too late to buy, but if it corrects to the 21 ema, or even to the $ 106.17 again, it might be another opportunity. However, it must do a good reaction at these levels, otherwise, the bullish momentum will be temporarily ruined.
In the daily chart, we see that AMD is just having a hard time at the 38.2% Fibonacci’s Retracement, and since the volume is still low, the reaction won’t be as strong as we wish.
What’s more, in the daily chart, we have no signs that the bull trend will resume, but we have no strong bearish sign either. It seems AMD is just resting, which is a natural and healthy movement. In moments like this, when it drops to its support levels, it is time to buy and patiently wait for the next big movement.
The 21 ema is pointing up, and the price is above it. As long as the trend keeps bullish, this is the strategy we should follow.
If you liked this analysis, remember to follow me to keep in touch with my daily studies. Have a good day.
In fact, AMD did exactly what we expected in our last study: A sideways movement for a while, and then it did a breakout of the pivot point at $ 106.17. My previous analysis is public, was written on Aug 19, and the link to it is below this post, if you are curious.
At the time, AMD was clearly giving us signs of reversal, and now it feels it is too late to buy, but if it corrects to the 21 ema, or even to the $ 106.17 again, it might be another opportunity. However, it must do a good reaction at these levels, otherwise, the bullish momentum will be temporarily ruined.
In the daily chart, we see that AMD is just having a hard time at the 38.2% Fibonacci’s Retracement, and since the volume is still low, the reaction won’t be as strong as we wish.
What’s more, in the daily chart, we have no signs that the bull trend will resume, but we have no strong bearish sign either. It seems AMD is just resting, which is a natural and healthy movement. In moments like this, when it drops to its support levels, it is time to buy and patiently wait for the next big movement.
The 21 ema is pointing up, and the price is above it. As long as the trend keeps bullish, this is the strategy we should follow.
If you liked this analysis, remember to follow me to keep in touch with my daily studies. Have a good day.
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