AMD Short Idea
Breakdown of rising wedge, rejected daily VWAP from ATH
General market shift has hit this name hard. Chips were the leaders of this recent rally, not surprising that this name is one of the first to turn.
Support at
86 on 4hr timeframe, 
83 on daily timeframe. Lose both of these and you're triple confirmed.
Earnings will decide this move, and if the warnings from TSMC earnings are any indicator of AMD's earnings, this should dump through whatever support it's at.
General market shift has hit this name hard. Chips were the leaders of this recent rally, not surprising that this name is one of the first to turn.
Support at
86 on 4hr timeframe, 83 on daily timeframe. Lose both of these and you're triple confirmed.Earnings will decide this move, and if the warnings from TSMC earnings are any indicator of AMD's earnings, this should dump through whatever support it's at.
Note
Good spot to take some profit would likely be at $ 83, if there's some RSI bottoming there we could try for another leg up, or at least some support. I'm a card-carrying bear, but this trade is just to $ 83 PT. As for a stop loss, there really isnt much holding this in this spot besides some horizontal support from 2 months ago. The 2 day bounce we currently have was super weak, lower low on RSI, volume wasn't good, candles aren't very strong, got faded immediately during a flat OPEX day. not seeing a ton of strength here.
Note
83.78 bottom tick? not bad, not badNote
if you didnt click out on the ~83 take profit, you just got blessed by earnings.as long as you didnt expire or capitulate, you degen gamblers.
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.