Interesting AMD - The lower high and higher low gives rise to a tapering channel/wedge
- The lower high on 10 May and higher low shapes the price action into a tapering wedge/channel (white lines)
- The median is about 88+
- MA5 has crossed MA20
- Friday found support again at 94 (previous bull flag and support)
- AMD has to show itself next week(s) by staying above 88 (also Fib 61.8) to maintain a possible breakout of the tapering channel
- If it breaks below 88, then very possible to break below channel which would come up to 85 as a support
Hourly Chart
- Sell channel for a long time recently changed to buy channel
- Was on way up when earnings brought it down to 80 but since back on track in the buy channel
My Watches
- Another lower high would mean 100/102 are near term limits
- Whether 88 offers support (Moving to 88 would mean MA5 comes down but still remain above MA20)
- If it remains in buy channel on 30mins or 1hr chart
Overall, still bullish for me on AMD but it does have to stay above 88
@TigerStars @CaptainTiger @LMSunshine @Deposit @melson
Comments
my prediction is this rallies to $110-$115 range sometime next week, slowly pulls back to $95-$100, climbs back up to $110 by next earnings report and then blasts up to $140-$150 range by October. close the year at a new all time high and hit $200 sometime early next year.
The biggest 2023 lie is that there is a recession coming. Only history will tell the tale. But we shall see. I hope everyone is ready for an exciting week! AMD will lead the way in AI:)
AMD's price action forming a tapering channel/wedge? That's interesting, it could indicate a breakout soon.
The tapering channel in AMD's price action is intriguing, I wonder what will happen next.
Might be another rally going up to the 110 area making a new high in the next few days. But I expect a correction phase in the next month right after- back to the trendline for the daily chart
Can't wait to see if AMD can maintain its possible breakout above 88 and continue its upward trend.