AMD - Gap filled and Rejected by MA20; 108 is key level to watch!
Daily Chart
- Gap 108 to 117 has been filled! ==> What do they say? Almost all gaps get filled!
- Bottom of gap 108 held in the test of support
- MA5 yellow has crossed below MA20 green 21 June
- Price action has come up to test MA20 green on 5 July and got rejected
- Price action is now in an early buy channel
30mins Chart
- Price action in the gap range was in a series of buy and sell channels
- General upwards trending as seen also on Daily Chart
What to watch for?
- Will the buy channel continue? Key is need to break 116/117 which would then also bring about a MA5 cross above MA20
- Any break below 108 (also the MA50 blue coming up) will mean another leg down to 102 or 94 (bear flag playing out)
Support wise, I still like 95 and 85 (MA200). Where I am selling puts strikes on.
Comments
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Retest $112 before the big move up?
AMD is a Long manβs stock. Weak handed Longs will lose money. Shorts will lose too.
What was the highest point of AMD in the last few months?
AMD trading like a meme stock, not on fundamentals. Be careful.