therancher

AMD...IS THIS THE BOTTOM, LETS TAKE A LOOK!

Long
therancher Updated   
NASDAQ:AMD   Advanced Micro Devices Inc
I believe max pain is in, and based on where I believed the worst case scenario to end up I was pretty close. I was tricked a bit by the 11.20 levels and thought it found firm footing, but always showed in my charts that low 10's was always in play. I am holding 11.50 apr 27 calls, and believe it has enough time to get there. I think there was with out a doubt a head and shoulders with a bull trap kicker that had a lot of amd die hard fanboys and fangirls bag holding so big money can take their money as they usually do. If you like AMD the risk versus reward is definitely there. RSI is in prime oversold territory, and MACD is decent but I thought it would have been banged up better and given me more confidence to go long at this point. Most of the explanation is in the notes supports in green lines and resistance lines in red. It does need a tailwind but AMD magically always has it a month or so out from earnings.
Comment:
Update: based on options chain it could dip lower but I see a lot more upside than downside. In my opinion 10.98 and 11.51 (especially 11.51) are lynch pins. If the share price can take these levels out it's business as usual. Holding April 27 11.50 calls and will most likely add 11.00 calls to cover my bases. When I say "long" I mean quarterly. This is a traders stock don't get married.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.