$AMD & $QQQ- The 20 Monthly Average Keeps it Simple
$Invesco QQQ(QQQ)$ - Weekly Belt Hold Candle:
In previous cases this has been followed by bullish continuation, but here is the catch: in previous cases the candle has come as the initiation of a bounce from the 40MA zone and the oscillator has printed a bullish crossover in an oversold zone.
This time the oscillator is overbought preparing a bearish crossover, and the bullish candle came in a mature bull leg, starting from the 10MA.
More details based on the $NASDAQ 100(NDX)$ chart in the Weekly Compass (link in profile⤴️).
$.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $iShares Russell 2000 ETF(IWM)$
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$Advanced Micro Devices(AMD)$ - The 20 Monthly Average Keeps it Simple
The oscillator and candle curling up suggests a huge buying opportunity is brewing (the month has just started). The red arrow shows what happens when the 20MA is breached, and the green ones the bounces.
$139 looks like a good reference to manage risk.
I'd say the daily timeframe is pointing down, aiming at a better entry.
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