As we continue the slow grind to overextended conditions on the upside, I have been looking for new short ideas to take advantage of a possible flush. Markets have yet to have a significant pullback which is needed to continue a strong bull trend. AMD was one of those short ideas where a rising wedge on the 30m chart is forming. What I like about this AMD short idea is that price is being rejected right at the 50DMA. Throughout this bear trend, AMD has repeatedly rejected the 50DMA. If AMD is to go lower, now would be the most opportune time.
Entry - 47.53
Stop Loss - 48.60
Target - 44 and 42