AMD: When will it stop dropping? Check these price levels.
Hello traders and investors! Let’s see how AMD is doing today!
Yes, AMD triggered all the sell signs we discussed in my last analysis, and we have a short-term bear trend in the 1h chart. We see a lower high, and today it did a new lower low, as it lost the support at $ 110.16.
We have no signs that it’ll recover, but we have some key points that are good bottom candidates.
It is interesting, but right now, AMD is at the 38.2% Fibonacci’s Retracement, and this is something to keep in mind. If the momentum will be strong enough, we could see a reaction tomorrow at this support.
It would be good if AMD retests the 50% retracement, as this point is also quite close to the 21 ema, making it a possible dual-support level. In the worst-case scenario, we would seek the 61.8%, but I’m not working with this scenario for now.
The chances are that AMD will hold itself at the 38.2 or the 50% retracement. Despite the bearish structure seen in the 1h chart, the daily chart is not bearish at all, and the recent drop is just a pullback. For us to see a reversal pattern in the daily chart, we would need a much stronger bearish structure.
Let’s watch these retracement levels, as they might offer us a clue to the best moment to buy AMD, according to Price Action.
Remember to follow me to keep in touch with my daily studies on stocks and indices. Have a good day.
Yes, AMD triggered all the sell signs we discussed in my last analysis, and we have a short-term bear trend in the 1h chart. We see a lower high, and today it did a new lower low, as it lost the support at $ 110.16.
We have no signs that it’ll recover, but we have some key points that are good bottom candidates.
It is interesting, but right now, AMD is at the 38.2% Fibonacci’s Retracement, and this is something to keep in mind. If the momentum will be strong enough, we could see a reaction tomorrow at this support.
It would be good if AMD retests the 50% retracement, as this point is also quite close to the 21 ema, making it a possible dual-support level. In the worst-case scenario, we would seek the 61.8%, but I’m not working with this scenario for now.
The chances are that AMD will hold itself at the 38.2 or the 50% retracement. Despite the bearish structure seen in the 1h chart, the daily chart is not bearish at all, and the recent drop is just a pullback. For us to see a reversal pattern in the daily chart, we would need a much stronger bearish structure.
Let’s watch these retracement levels, as they might offer us a clue to the best moment to buy AMD, according to Price Action.
Remember to follow me to keep in touch with my daily studies on stocks and indices. Have a good day.
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