Advanced Micro Devices IncUpdated AMD - Where to next?
1. Looks like we have a $43.40 or so AMD high, from both the pre-market on Dec 12, and today.
2. We have at least 3 tests of the 43 Level here as well, over the past little bit.
3. We have strong resistance at 44, Where we bounced off of at least 5 times during the period of April 2001 to July 2001. We also have strong resistance between 44 and 46.
4. This last retrenchment from $43 with a trend line at $42.50 and support at $42, I find it just a little too easy, that we would so quickly complete this continuation flag, if we are indeed consolidating.
5. Let's see what the pre-market brings tomorrow. This seems like an inflection point possibly. We haven't had much of a pullback at all from $27.75.
2. We have at least 3 tests of the 43 Level here as well, over the past little bit.
3. We have strong resistance at 44, Where we bounced off of at least 5 times during the period of April 2001 to July 2001. We also have strong resistance between 44 and 46.
4. This last retrenchment from $43 with a trend line at $42.50 and support at $42, I find it just a little too easy, that we would so quickly complete this continuation flag, if we are indeed consolidating.
5. Let's see what the pre-market brings tomorrow. This seems like an inflection point possibly. We haven't had much of a pullback at all from $27.75.
Note
Such a continuation, without any retest of the $40 area whatsoever. I am suspicious to say the least. We seem to be up in the ether, on low volume today, and simply a complete absence of sellers... They even mentioned that yesterday on CNBC. Not a question of buyers here folks, a complete lack of sellers is the issue... January 1st? Maybe when you are relaxing over the holidays the markets are open Dec 26/27? Remember Dec 27th of last year?Note
I love easy money, we all love easy money, all our bonuses are based on it, but when does it become too easy? Puts are cheap, so cheap right now. We are actually completely reversed for December 27th this year. Last year Bear to Bulls was 2 to 1, then the correction was over and we went straight. This year, we are the EXACT OPPOSITE. Bulls to Bears is 2 to 1. I don't call tops in any way, shape or form, but on December 27th 2018, we were irrationally pessimistic, which marked a bottom.
This year, we are irrationally what? neutral?
Only time will tell.
This is the first time I have started to question this rally in even the slightest since $27.75.
Note
We are already sitting at $42.96 after market, and they may try to gap us up and above $43.11 and run from there. Let's see what the morning plan is.
Gap and drop is a common AMD theme when investors "feel" we may be frothy.
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Just got analysis back from the network. We might be looking at the formation of a head and shoulders reversal pattern here. At basically all time highs, or within a few percent, coming off a spectacular 50% run OVER 8 WEEKS and really overbought in the short term. $50 stock all day, but possibly not so fast. The $41.76 top on November 19th, had a spectacular reversal, there were something like 7 patterns we identified on all different timelines. The the left armpit after the reversal which coincided with the shallow China Truce for Agg Purchases, which was really the much shorter consolidation then the $35.75 breakout (took years), which then let to a now looking very sketchy top head. If we bounce up and down here like $42.75 - $43.35 this could be back to the $39 consolidation level of the left armpit. Then we would make a final salvo back to the $41.76 resistance, and back to equilibrium and support and either $40 for a longer term, or possibly $35.50 which took years to break so would hold like the rock of Gibraltar. The breakout about $44 will provide the final clues I think... tomorrow may bring the answer to exactly how the market trades into the new year. As AMD goes, so does the market.
Note
Go and lookup the chart pattern between April 2001 and August 2001, identical to now and 18 weeks round trip long. That puts us at the PROFIT TARGET, and 9 weeks in. Go lookup that period. Analysis gives 83.4 percent probability.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.