AMD (Double Bottom Bounce)

Recap:

• During the precious 3 days, AMD printed a bearish candle below structur, reclaimed back above structure, then proceeded to print 2 inside - inside (a candlestick pattern illustrating price consolidation on a lower timeframe). Ahead of earnings on Oct 31st, AMD has printed a bullish engulfing candle above the highs of the previous 3 candles and is closing into a previous resistance.
  
  
• Note that AMD on the higher timeframe (weekly) is forming a sort of descending channel within what seems to be a huge pennant. This descending channel is also being at the HTF uptrend support.
  
  
• Another piece of confluence is that price has broken the downtrend on the lower time frames while bounce from a demand and trendline support. Also, the stochastic and RSI are both oversold with both curling up.
  

Trade Idea:

• As I do not trade earnings drops, I will wait for price action to confirm a trend change and move above resistance at 99.75 - 100.45 and hold above this level while forming a trend. If I get the trigger, I will expecting for price to make a move above to retest the downtrend line of the descending channel and possible even the major resistance at 111.09 - 111.77.
  

Targets: 105.56, 109.20, and 111.09

STOP: Daily candle close below 93.31, Weekly candle close below the green uptrend support line.


CAUTION: The MACD has yet cross up the signal line and we also have earning today so I wouldn't just swing blindly from here.

Trade fermée: cible de profit atteinte:

ALL TPs smashed...