My EW analysis is that AMD is in a smaller degree wave 3.
It has seen nice price action above the 8 EMA on the hourly and daily timeframes (bullish). The daily candlestick also closed above the highs of the 2 prior daily candlesticks (bullish). Additionally, the last daily candlestick has a large bottom wick suggesting a rejection of lower prices.
The hourly MACD shows bullish divergence of the MA's and a bullish histogram. It has not yet seen a bullish crossover on the daily.
I will be looking to enter long immediately for a quick swing trade this week. I look for this smaller wave 3 to peak somewhere near the 1.618 extension of $81.89 (so just over $3/share profits). I always set a sell limit slightly under so I will be targeting $83.85 for this wave. Ultimately, I look for AMD to break $100 sometime this month so a longer swing trade is possible with a stop loss set at $73.85.
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It has seen nice price action above the 8 EMA on the hourly and daily timeframes (bullish). The daily candlestick also closed above the highs of the 2 prior daily candlesticks (bullish). Additionally, the last daily candlestick has a large bottom wick suggesting a rejection of lower prices.
The hourly MACD shows bullish divergence of the MA's and a bullish histogram. It has not yet seen a bullish crossover on the daily.
I will be looking to enter long immediately for a quick swing trade this week. I look for this smaller wave 3 to peak somewhere near the 1.618 extension of $81.89 (so just over $3/share profits). I always set a sell limit slightly under so I will be targeting $83.85 for this wave. Ultimately, I look for AMD to break $100 sometime this month so a longer swing trade is possible with a stop loss set at $73.85.
If you like this trade idea please hit the like and follow.
Feel free to send me a private message if you would like hear about more of my stock and options trade ideas.