Opportunity before earnings

AMD has been trading within a well-defined rectangle for the past 12-months with the horizontal boundary acting as strong resistance at the 96.00 level. Currently, price has pulled back to the Daily 200 SMA near the centre of the trading range partly due to the wider market sell-off. Considering AMD is expected to report earnings on the 27th of July, this could potentially be a catalyst for another move higher. Strong support should be present at the Daily 100 SMA @ 82.00 with a stop level @ 79.00 a good fail-safe. In terms of a rally, a break above the Monthly pivot @ 89.00 could see the top of the range re-tested with a daily close above 99.50 confirming the breakout from the 12-month-long rectangle with the possible longer-term price target @ 121.00