AMD to 220? Charts tell you why some analyst are touting 220 target now.
Price action
- 220 is the Fib Extension 1.618 target; That's why some analyst reports are touting that level
- But do not let such reports fool you that it will happen easily
- Yes, possibility is there; But it is quite some way to go (recent shorters are probably in bad positions by now)
- Previous ATH of 164 broken with 19 Jan closing of 174!
- With unchartered territory next, do not assume that the only way is straight up
- With Friday close, a cup has been formed; now is to watch if a handle is formed and where it pulls back to
- The pullback level will determine whether 220 is reachable
Bullish
- Look for MA5 staying close to Upper Bollinger band
- Any tapering would mean falling back into trend channel
- Support levels are 155 and 141 down to 132
Bearish
- Look for break back below into trend channel
- Other than that right now, hard to assume extreme bearishness for AMD
Good luck, all!
AMD Daily Chart - 20 Jan 2024
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