AMD - Island Reversal with Gap to fill from 108 to 117; Like new support level of 94 to accumulate from!
- Has a gap between 108 to 117 with an island reversal possibility
- 117/118 are the key levels of hold for now (any break below is really free fall until 108)
- Used to go with support level of 85 as my goto level for option strike; But now raising to 90/95.
- A full re-trace (inverse cup) of current price action does still point to going to 95 and then 85
My Watch/Plays
- Sold puts remain hold position
- Look for 117 holding, any breakthroughs will sell more puts when 111 and 108 is reached
- MA20 green support comes up to 108 also
Am bullish but mindful of good pullback to fill gap up till 108
Good luck, all
@Deposit @TigerStars @CaptainTiger @LMSunshine @melson
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AMD hurt by slowing enterprise IT and PC sales spend. Also, selling high-end GPUs is at least a year away. This stock is ripe for a huge pullback. Yet, analysts are blindly calling AMD an AI stock like Nvidia.
AMD was trading in the low $90s before the AI flare-up in NVDA. That was a $40 spike in less than 6 weeks.
Insiders sold most of their shares around 125$ and retail bulls holding a bag and only it will get heavier the week goes on.
I thought it was going to 150, didn’t you think it was going to 150?
AMD profits are so low they lost millions last quarter