Asphen
2023-05-13

Interesting AMD - The lower high and higher low gives rise to a tapering channel/wedge


- The lower high on 10 May and higher low shapes the price action into a tapering wedge/channel (white lines)

- The median is about 88+

- MA5 has crossed MA20

- Friday found support again at 94 (previous bull flag and support)

- AMD has to show itself next week(s) by staying above 88 (also Fib 61.8) to maintain a possible breakout of the tapering channel 

- If it breaks below 88, then very possible to break below channel which would come up to 85 as a support


Hourly Chart

- Sell channel for a long time recently changed to buy channel

- Was on way up when earnings brought it down to 80 but since back on track in the buy channel


My Watches

- Another lower high would mean 100/102 are near term limits

- Whether 88 offers support (Moving to 88 would mean MA5 comes down but still remain above MA20)

- If it remains in buy channel on 30mins or 1hr chart


Overall, still bullish for me on AMD but it does have to stay above 88

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$AMD(AMD)$ 

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Comments

  • cheerzy
    2023-05-17
    cheerzy

    my prediction is this rallies to $110-$115 range sometime next week, slowly pulls back to $95-$100, climbs back up to $110 by next earnings report and then blasts up to $140-$150 range by October. close the year at a new all time high and hit $200 sometime early next year.

    • Asphen: 
      v optimistic and v bullish. hope you are right!
  • nimbly
    2023-05-15
    nimbly

    The biggest 2023 lie is that there is a recession coming. Only history will tell the tale. But we shall see. I hope everyone is ready for an exciting week! AMD will lead the way in AI:)

    • Asphen: 
      fear mongers are having a field day
  • breezzi
    2023-05-13
    breezzi

    AMD's price action forming a tapering channel/wedge? That's interesting, it could indicate a breakout soon.

    • Asphen: 
      indeed. up or down. 😀
  • breezzi
    2023-05-13
    breezzi

    The tapering channel in AMD's price action is intriguing, I wonder what will happen next.

    • Asphen: 
      usually means a break out up or down
  • pixiezz
    2023-05-17
    pixiezz

    Might be another rally going up to the 110 area making a new high in the next few days. But I expect a correction phase in the next month right after- back to the trendline for the daily chart

  • squishx
    2023-05-13
    squishx

    Can't wait to see if AMD can maintain its possible breakout above 88 and continue its upward trend.

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