AMD Buy?
Its been a rough go for even the most bullish setups on equities lately due to the rocky nature of the macro with recent news of further inflation fears. Nonetheless we continue to hunt for the setups if not for the gains, then most definitely for the learning lessons that the markets can teach us.
For this asset, we keep things simple by keying in on an uptrend that has been supporting AMD since May.
It is expected that eventually this trend will break, but for now as long the price remains in the trend, buy opportunities exist at the green upward sloping trendline.
Once the green sloping line is broken, this will be our time to begin preparing for an exit.
The yellow line will be the first level of support should the trend be broken, but ultimately the bears will want to break the red line at $87.86 to confirm.
For the bullish case, continue to expect bounces at the green trendline of support until a full body candle closes outside of it on the daily and weekly time frames. A wise profit taking area will be around $93.50. If that level is broken and held as support, a retest of all time highs could be instore for AMD.
For this asset, we keep things simple by keying in on an uptrend that has been supporting AMD since May.
It is expected that eventually this trend will break, but for now as long the price remains in the trend, buy opportunities exist at the green upward sloping trendline.
Once the green sloping line is broken, this will be our time to begin preparing for an exit.
The yellow line will be the first level of support should the trend be broken, but ultimately the bears will want to break the red line at $87.86 to confirm.
For the bullish case, continue to expect bounces at the green trendline of support until a full body candle closes outside of it on the daily and weekly time frames. A wise profit taking area will be around $93.50. If that level is broken and held as support, a retest of all time highs could be instore for AMD.
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