AMD has been in a descending price channel since November of 2024 with clear support and resistance established. On Monday we saw an attempt to breakout however it was rejected at the establish resistance line. Given the rejection and the significant drop that followed I think we will likely see AMD drop to slightly below $80 in the short term and retest the established support line.
Trade active
AMD tested resistance midday today and traded sideways briefly. However, it had a strong second half where we saw price break through resistance, retest, and then bounce significantly, ultimately closing above the established resistance. Waiting for confirmation of breakout. Must watch price action tomorrow but with a strong day I anticipate a trend breakout with some nice upside in the short term.
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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.