AMD: Beware the trap
AMD had an amazing day launching higher after their earnings report.That being said... a trap is forming.
We have detected a rug pull event on the 30 min. timeframe at the $97 price level. This brings a high probability that price action will drop back to $97 sometime in the near future.
See below for other examples of rug pulls on the
AMD 30 minute timeframe:Of note, there are several dormant rug pull events in the $109-$111 price range on smaller timeframes, so we do expect price to continue to this range as a minimum upside target.
A substantial break of the AVWAP would indicate a reversal back to $97 has likely begun. This currently sits around $104.
Keeping an eye on this one...
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