AMD Is it really as 'dead' as it looks?
Advanced Micro Devices / AMD is down -45% since their March 2024 All Time High and the market appears to be quickly losing faith on the stock.
However, this is not the first time we've encountered such decline on this stock as the exact same Channel Down that had a drop of -42% also took place during the previous Bull Cycle.
In fact this is what we called the mid Bull Cycle accumulation Channel and as you see in both patterns, the 1week MA100 supported. On the 2017/18 case, it kickstarted a rebound to the 1.382 Fibonacci extension.
It is amazing to see that even the Bear Cycles that preceded those Channels (2022 and 2014/15), they declined by the same amount (-66.41%).
So for now the 1week MA100 is supporting the November-December consolidation and this is the 1nd time it has since the August 5th low.
Once the 1week RSI hits 38.00 again (like it did on March 26th 2018), it will be the ultimate time to buy again but being so close to it right now, you can start buying even now.
Target 350.00 (little under the 1.382 Fib).
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However, this is not the first time we've encountered such decline on this stock as the exact same Channel Down that had a drop of -42% also took place during the previous Bull Cycle.
In fact this is what we called the mid Bull Cycle accumulation Channel and as you see in both patterns, the 1week MA100 supported. On the 2017/18 case, it kickstarted a rebound to the 1.382 Fibonacci extension.
It is amazing to see that even the Bear Cycles that preceded those Channels (2022 and 2014/15), they declined by the same amount (-66.41%).
So for now the 1week MA100 is supporting the November-December consolidation and this is the 1nd time it has since the August 5th low.
Once the 1week RSI hits 38.00 again (like it did on March 26th 2018), it will be the ultimate time to buy again but being so close to it right now, you can start buying even now.
Target 350.00 (little under the 1.382 Fib).
Follow us, like the idea and leave a comment below!!
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