AMD flashed the strongest 1W sell signal you can get.

Advanced Micro Devices (AMD) has hit the top of the Fibonacci Channel Up last week and immediately got rejected, closing the 1W candle almost flat. This is a significant 1 week turnaround, which may evolve into a bearish reversal as the 1W RSI gave the strongest sell signal possible.

That is reversing on the 82.50 (overbought) level, which since the 2009 bottom of the U.S. Housing Crisis has always delivered a strong medium-term correction. If we focus on the last 4 years alone, we can see on the chart 4 such correction events ranging from - 21.50% to -39.50%.

As a result, we are sellers on AMD, aiming at a $180 minimum (-21.50%). If it drops more, we will wait for a more comfortable buy at $140 (-39.50%), which should potentially make contact with either the 1W MA50 (blue trend-line) or the 1W MA100 (green trend-line). The latter has been a former Resistance during the Bear Cycle that turned into Support after May 2023, while the 1W MA50 has two clear bottoms that evolved into aggressive rallies since the week of May 01 2023.

Basically this signal is more useful to long-term investors for when taking profit and how to make two lower buy entries and manage the long-term risk effectively, while having a $300 long-term target.


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