NVDA, AMD Bottom Formations
NVDA continues to work on its bottom. The Reversal Candlestick in October signaled the end of this stock's correction. The stock has plenty of growth for the future.
The red line is the bottom completion level for this chart, a strong resistance level. There's strong point gain potential when the current sideways action breaks out upward.
Volume-based indicators are showing slow but steady hidden accumulation.
If the current sideways action breaks down, support from the buy zone is quite close.
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AMD is waffling around the U-Shaped Bottom's completion level, which is usually a quick short-term bottom.
Once it can sustain within the prior trading range, it can start to develop a range that can then compress and break out. So, it has a couple of areas to work on.
Meanwhile, it has sufficient past swing-style runs to be considered for a swing trading watchlist when the short-term bottom completes.
If it breaks down to retest the bottom lows, beware of the support at the buy zone.
The red line is the bottom completion level for this chart, a strong resistance level. There's strong point gain potential when the current sideways action breaks out upward.
Volume-based indicators are showing slow but steady hidden accumulation.
If the current sideways action breaks down, support from the buy zone is quite close.
---
AMD is waffling around the U-Shaped Bottom's completion level, which is usually a quick short-term bottom.
Once it can sustain within the prior trading range, it can start to develop a range that can then compress and break out. So, it has a couple of areas to work on.
Meanwhile, it has sufficient past swing-style runs to be considered for a swing trading watchlist when the short-term bottom completes.
If it breaks down to retest the bottom lows, beware of the support at the buy zone.
Martha Stokes, CMT
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