AMD - Symmetrical triangle on the daily
Updated
With all the AI noise going around and Semiconductor stocks rallying, it would be interested to see what AMD does here from now until the ER which is nearly a month away from today
I see a Symmetrical triangle formation on the Daily chart for AMD.
On the upside, we have supple zone from 165-171/2 levels where we would see some resistance.
On the downside, we have demand zone from 145-150 levels which should act as support. If this support holds and we initiate long, then 139 can be your SL
I will not be initiating a trade now unless I see which side we are going to break from the symmetrical triangle and place my bets accordingly.
I see a Symmetrical triangle formation on the Daily chart for AMD.
On the upside, we have supple zone from 165-171/2 levels where we would see some resistance.
On the downside, we have demand zone from 145-150 levels which should act as support. If this support holds and we initiate long, then 139 can be your SL
I will not be initiating a trade now unless I see which side we are going to break from the symmetrical triangle and place my bets accordingly.
Note
broke out of the triangle pattern and reached 187 top and rejected there for 3 days continuously. Now back down.As long as it does not sustain above the top trendline, no point in continuing to hold long positions
Above 160, will long again, until then wait and watch
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