Currently AMD has formed a ascending triangle which can be seen by the higher highs and rejection around $69 in the 4hr, 1hr and 20 min time frames. Over all AMD's primary formation is a descending channel which is seen in the daily chart to the top right. We are nearing our lower trend line in the daily time frame so I am expecting a bounce if we reach the $58-$60 region. However. It's possible that we break $69 and head up to the top trend line of the daily charts descending channel.
The 4hr chart has formed an ascending triangle which is usually a continuation pattern. So there is possibly more down side. However if we break $69 we can go higher. On the other hand it we break the lower trend line of the descending channel $58-$60 is our next target where we can possibly expect a bounce.
Lastly, from a risk to reward perspective there's a 14% difference from our current price around $68 to the lower trend line of the descending channel $59. While there's a 19% difference from our current price around $68 to our top trend line of the daily descending channel $80. The difference between the bottom trend line and top is about 35% to the upside if we bounce of $59 and hit $80.
Currently, I'm shorting at the resistance around the $68 to $69 region and will go long if we break above it with the next resistance above being around $73-$74.
The 4hr chart has formed an ascending triangle which is usually a continuation pattern. So there is possibly more down side. However if we break $69 we can go higher. On the other hand it we break the lower trend line of the descending channel $58-$60 is our next target where we can possibly expect a bounce.
Lastly, from a risk to reward perspective there's a 14% difference from our current price around $68 to the lower trend line of the descending channel $59. While there's a 19% difference from our current price around $68 to our top trend line of the daily descending channel $80. The difference between the bottom trend line and top is about 35% to the upside if we bounce of $59 and hit $80.
Currently, I'm shorting at the resistance around the $68 to $69 region and will go long if we break above it with the next resistance above being around $73-$74.
Note
AMD breaking upward out of Ascending Triangle if we close above $69 next target is $73-$74
Note
False Break out on AMD Down to $64-$65 we go Note
AMD at $64 to $65 region after hours puts will print tomorrow ;)
Trade active
Puts printing
Note
Almost to the $58-$60 region Note
At $60 region ;)
Note
AMD at $59 now at our target region
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.
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.