AMD out of the descending channel, only way is up

I was expecting AMD to rise much earlier, but external influences hammered down all tech stocks for the past two weeks. From what I can see, the downward channel that AMD was locked in, is now surpassed. It should now stabilize towards the 85 area where it had previously encountered resistance. Depending on the Big Navi leaks and expectations, the price should fluctuate, I expect a push towards 95 as we get nearer towards their upcoming event on Oct. 28. If AMD will bring real competition against nVidia's 3080 cards, I expect the stock will reach a price above 100 before Christmas. BUT, if AMD won't be able to show a real performance uplift from previous generations, it might cause the stock to plummet back down into the 80's.

Comment:

At least until the 1'st of October, everything was on track. Now Trump tested positive for the virus, be prepared for volatility. Remember to sell high, buy low.

Comment:

Mostly due to FOMO, the price was pushed higher than what I had thought. AMD's presentation for their new CPU's was just a bit better than previous expectations from the company. For the same reason (FOMO traders), the pre-market price has suffered a significant drop (82 at the moment of writing). I cannot fathom AMD dropping below 79.5. I will begin buying the moment market opens, and will continue to add to my position as/if it will go lower. I will update my idea shortly, if nothing unexpected happens, AMD will reach 110 before Christmas.