AMD: Still bearish, but could it REVERSE from here?
• AMD is trading at a key support level, around the 61.8% Fibonacci’s Retracement;
• In addition, last week, it filled a previous gap at $63.05. This gap is another support level for AMD’s price;
• What’s next? Keep in mind, it is still a mid-term bear trend, as AMD is still doing lower highs/lows and it is below the 21 ema. If it loses the $63.05, it’ll just resume the bear trend and the next technical support is at $59.86;
• Could AMD reverse the bearish sentiment? Yes, but it has to break the previous high at $67.85, along with the 21 ema;
• As long as AMD stays between its main support and resistance levels, nothing new will happen. I’ll keep you updated on this.
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• In addition, last week, it filled a previous gap at $63.05. This gap is another support level for AMD’s price;
• What’s next? Keep in mind, it is still a mid-term bear trend, as AMD is still doing lower highs/lows and it is below the 21 ema. If it loses the $63.05, it’ll just resume the bear trend and the next technical support is at $59.86;
• Could AMD reverse the bearish sentiment? Yes, but it has to break the previous high at $67.85, along with the 21 ema;
• As long as AMD stays between its main support and resistance levels, nothing new will happen. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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