AMD: Aiming for higher levels! D & W charts.
On the daily chart, AMD has been rebounding from the recent lows near the double support area around $132.83, highlighted on the weekly chart. This support level is made by the ascending trendline, which has been respected multiple times, indicating its significance, and the previous bottom level at $132.83.
The recent upward movement is taking the price back toward the next resistance level at $153.34, which also aligns with the open gap that has yet to be filled. The 21-day EMA (blue line) is currently below the price, suggesting that short-term momentum is favoring the bulls. However, the price needs to break above this resistance to continue the recovery towards higher levels.
If the price manages to fill the gap and close above the resistance, it could lead to further gains, potentially targeting the next open gap at $174.53. On the other hand, if AMD fails to breach the $153.34 level, it could trigger a pullback to its 21 ema or other support level, where it might find buying interest again.
The overall trend remains cautious but bullish as long as the price stays above the $132.83 support and the ascending trendline on the weekly chart. However, watch closely how the price behaves around the resistance at $153.34, as it will likely dictate the next move.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
The recent upward movement is taking the price back toward the next resistance level at $153.34, which also aligns with the open gap that has yet to be filled. The 21-day EMA (blue line) is currently below the price, suggesting that short-term momentum is favoring the bulls. However, the price needs to break above this resistance to continue the recovery towards higher levels.
If the price manages to fill the gap and close above the resistance, it could lead to further gains, potentially targeting the next open gap at $174.53. On the other hand, if AMD fails to breach the $153.34 level, it could trigger a pullback to its 21 ema or other support level, where it might find buying interest again.
The overall trend remains cautious but bullish as long as the price stays above the $132.83 support and the ascending trendline on the weekly chart. However, watch closely how the price behaves around the resistance at $153.34, as it will likely dictate the next move.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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