AMD is a strong short-term Buy

3 lis 2022

Advanced Micro Devices (AMD) has been practically consolidating since the October 13 Low. As the long-term trend has been bearish within a Channel Down pattern since the November 30 2021 Market High, the current consolidation following the rebound on the (dashed) Lower Low (diverging) trend-line can be seen as an Accumulation Phase preparing for the next bullish leg to the top of the Channel.

As you see all previous legs within the Channel Down have been following a certain pattern. After a (near) 30.00 1D RSI reading, and a MACD Bullish Cross, the price rebounds to at least the 0.618 Fibonacci retracement level. That is currently at 85.68 buy is outside the Channel Down, so we will settle for a Target within 73.50 - 77.50. Only a break above the 1D MA200 (orange trend-line) can be considered a long-term trend change to bullish.

See how the 1D MACD prints Higher Highs and each break above the Pivot is larger. More or less this is consistent with the price breaks above the 1D MA50 (blue trend-line).




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