AMD: Bullish Cup and Handle Formation 4H (Apr. 23)
X FORCE GLOBAL ANALYSIS:
AMD (Advanced Micro Devices) has shown incredible bullish momentum over the past year. In this analysis, we take a purely technical approach, exploring the bullish evidence for a further breakout.
Technical Analysis
- We have spotted a traditional reverse head and shoulders pattern on the 4H chart
- This pattern has been supported by a parabolic trend line support
- We have seen a small correction after the formation of the right shoulder, which could be interpreted as the handle pattern
- Despite the correction, the Relative Strength Index (RSI) continues in an uptrend, creating higher lows and higher highs
- The Moving Average Convergence Divergence (MACD) also shows a clear uptrend, with a potential golden cross
What We Believe
Though not stated in this analysis, we believe that AMD is a stock with strong fundamentals, and a lot of bullish potential based on short term technicals as well.
Trade Safe.
AMD (Advanced Micro Devices) has shown incredible bullish momentum over the past year. In this analysis, we take a purely technical approach, exploring the bullish evidence for a further breakout.
Technical Analysis
- We have spotted a traditional reverse head and shoulders pattern on the 4H chart
- This pattern has been supported by a parabolic trend line support
- We have seen a small correction after the formation of the right shoulder, which could be interpreted as the handle pattern
- Despite the correction, the Relative Strength Index (RSI) continues in an uptrend, creating higher lows and higher highs
- The Moving Average Convergence Divergence (MACD) also shows a clear uptrend, with a potential golden cross
What We Believe
Though not stated in this analysis, we believe that AMD is a stock with strong fundamentals, and a lot of bullish potential based on short term technicals as well.
Trade Safe.
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