AMD: Is it the time to BUY the DIP? Let's see...
Hello traders and investors! Let’s see how AMD is doing today!
First, in the 1h chart, AMD is in a clear bear trend, but there’s hope it could reverse soon. For the first time since it was trading at $ 125, it is actually breaking the 21 ema, and we do have the beginning of a bullish structure.
The black line at $ 98.38 is the most important resistance for us, as if AMD breaks this point, it might trigger a Rounded Bottom chart pattern. By triggering this pattern, the next targets on AMD will be our gaps (yellow squares). The $ 106 seems to be a strong resistance, but the optimal target would be the $ 118 (last gap).
In the daily chart, we see that AMD is trading at support levels, and any reaction here would be amazing, as the Risk/Reward ratio always favors the bulls when we are near support levels.
What’s more, AMD is far from its 21 ema, so it has some upside potential if it reacts. The only thing that could make AMD turn barish again would be if it loses the $ 92 area, so we must keep our eyes open. We have some possible bullish structures that could justify buying the dip, but to me, we must wait for more confirmation.
It is a delicate situation, but if we pay attention to these key points, we’ll be fine. I’ll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses!
First, in the 1h chart, AMD is in a clear bear trend, but there’s hope it could reverse soon. For the first time since it was trading at $ 125, it is actually breaking the 21 ema, and we do have the beginning of a bullish structure.
The black line at $ 98.38 is the most important resistance for us, as if AMD breaks this point, it might trigger a Rounded Bottom chart pattern. By triggering this pattern, the next targets on AMD will be our gaps (yellow squares). The $ 106 seems to be a strong resistance, but the optimal target would be the $ 118 (last gap).
In the daily chart, we see that AMD is trading at support levels, and any reaction here would be amazing, as the Risk/Reward ratio always favors the bulls when we are near support levels.
What’s more, AMD is far from its 21 ema, so it has some upside potential if it reacts. The only thing that could make AMD turn barish again would be if it loses the $ 92 area, so we must keep our eyes open. We have some possible bullish structures that could justify buying the dip, but to me, we must wait for more confirmation.
It is a delicate situation, but if we pay attention to these key points, we’ll be fine. I’ll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses!
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.