AMD ate a rough correction (outlined in the previous descending channel) before catching a wedge that shows all the signs of a major breakout. The downward trough also established a lot of relative strength in this stock. It refused to dip lower than its previous relative-low.This stock ranks a perfect 99 on Investor Business Daily's stock evaluation, and it gained well yesterday in a rougher day for the overall market. Its fundamental stats all scream good things: 0,75 EPS and a P/E of 52.12. The P/E seems somewhat high, but it is likely indicative of the upcoming earnings (on February 2nd) report anticipated to be a great one.
Note the NEW strong (VERY STRONG) ascending trade channel.
Next: Target take-profit points?
We are tentatively eyeing 98.5 per share as a 1/2 profit snatch; the latter should loom around 100-102.
That said, a mega-long-term hold of AMD also makes sense, if that's your cup of tea. Regardless of approach, this stock is showing all bullish indications of having a quite big week.
GL etc etc
-BDR
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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.