Some of the great feedback on this post revealed that traders do not think AMD's $55 level would hold. First, thanks for the feedback, it's always welcomed and appreciated!! Second, I agree.
Third, it appears that the main point of this post was misunderstood. ST never argued that the $55 support level would hold in the long term or said that $55 was the "final low" or "the bottom" for AMD's bear trend. The main chart may have been ambiguous, but the text is probably more clear. Arguing for a new bullish trend in AMD is inconsistent with ST's many other bearish posts on AMD, NVDA and many other risk assets including indices.
However, ST does not like to fight bear rallies, preferring to allow them to play out and unfold until a strong signal arises that it's done.
So to clarify, the main point of this post was only that AMD had reached a very significant Fibonacci retracement level at $55. It is a Fibonacci retracement of a 7-year price range. ST's main point was only to argue that this important level would likely hold for a period of consolidation since the October 13 low (which briefly undercut to $54.57 and then immediately reclaimed the level). Major declines need time to consolidate just like major rallies.
This post was not as much of a directional idea as an identification of a key level showing its significance with a bounce. Since October 30, 2022, this level has continued to hold as the base / support for the bear rally that has pushed AMD up to $64. It could also be a spot for a bounce on the next decline though it will be weaker then.
Recognizing a key level of support that held does not equate to a bullish argument in the intermediate or long-term, i.e., it's not a grand heroic claim that a new uptrend at the primary degree or higher has suddenly been established. That would be both excessively bold and foolish to say, right?
In shorter TFs, AMD continues to trend higher up into resistance respecting its uptrend lines from the lows. There are many levels where it can fail. And it can fail at any time and resume back to new lows -- or fail and just simply chop in this range for weeks before breaking to a new low.