AMD is looking to revisit 1997-2000, 2003-2006 bull market(s)
Updated
AMDAMD has been an awesome play for the last year or so. I've been playing with it since $10, and managed to duck out before the last major correction based on the same logic applied to this chart, and basic trend analysis.
If we take a look back at 1997-2001 and 2003-2006, you'll see a nearly identical price structure forming. This would be the third time we're seeing the same structure, and it appears to have a much greater intensity, and a ton more volume. I'm anticipating it to break through current trend line between $30-31, and then retest previous high level of $34. If it does, it will break through the previous high, confirming uptrend, and will lead to another really nice pump. If it's as strong as I believe it to be, and the formation holds, we'll see gains of 70-100%, potentially reaching ATH levels as high as $60-70 by the end of the year. That is of course, the best case scenario.
My entry level here was $28 after we confirmed uptrend, post-shockwave. My current stop is $26, but I don't expect price to drop much below $30 as the previous high should hold support. If we accelerate towards $34, I will likely add to my position before breaking through.
1997-2001 - First major re-test of test pump highs lead to 100% gains
2003-2006 - First major re-test of test pump highs lead to 70% gains
2016-2019 - First major re-test of test pump highs lead to... ???
To be continued...
Trade active
Took some profits at $34. Earnings coming soon... still holding my position and waiting for $34 to turn into a support before I add to this position.
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