AMD Consolidation for Further Upside

AMD is currently consolidating after retest of its 2 years low at $133-135 level. While the AI and semiconductor is booming after strong labor and economic data, AMD is still with within its consolidation wedge as shown in the graph. If current tech trend continues with a strong Santa Claus rally, AMD is like to trend upwards to rest its resistance at the $150 level. We'd love to see a breakout to the $150 level and a further upside to the $175-185 resistance level is likely. Downside is limited to the $133 level. Given the current price at $140 level, the play could yield at R/R around 1:5. However, the trend is still forming and a breakout is not evident. We will need to further increase in MACD and RSI to help with the breakout.