AMD going for a FLUSH to 94 levels
Updated
The chart for AMD is displaying a large symmetrical triangle formation, with the price breaking below the lower trendline. Symmetrical triangles often signify indecision in the market, but this breakdown suggests that sellers are gaining control. The broader trend leading into the triangle and the breakdown signal a bearish continuation pattern. Oscillators and momentum indicators are skewed bearish, with no signs of reversal at this stage. Strong selling pressure confirms the potential for further downside. Declining volume during the triangle’s formation and a likely volume spike on breakdown signal a bearish continuation. Weakness in the tech sector or macroeconomic pressures could exacerbate the downward trend for AMD, watch closely for NVDA earnings to push this even lower.
Entry Strategy:
Short Position: Enter a short trade if the price stays below $134.90 with sustained volume confirming the breakdown.
Aggressive Entry: Traders could scale into shorts immediately, as the price has already breached the triangle support line.
Profit Target Calculation:
Triangle Height: $140.90 (top of the pattern) - $128.37 (bottom of the pattern) = $12.53.
Breakdown Target: Subtract the height ($12.53) from the breakdown point ($134.90):
Primary Target: $122.37
If bearish momentum continues, the price could retest the major support level at $106.48.
Further bearish extension may lead to $94.59 as a long-term target.
Place a stop-loss above the breakdown level, at $138.50, to account for potential false breakdowns or whipsaws.
A confirmed breakdown is expected to gain momentum within the next 1–2 weeks.
Watch for increasing volume to validate the breakdown.
I am going to take a position on Wednesday before NVDA ER.
Entry Strategy:
Short Position: Enter a short trade if the price stays below $134.90 with sustained volume confirming the breakdown.
Aggressive Entry: Traders could scale into shorts immediately, as the price has already breached the triangle support line.
Profit Target Calculation:
Triangle Height: $140.90 (top of the pattern) - $128.37 (bottom of the pattern) = $12.53.
Breakdown Target: Subtract the height ($12.53) from the breakdown point ($134.90):
Primary Target: $122.37
If bearish momentum continues, the price could retest the major support level at $106.48.
Further bearish extension may lead to $94.59 as a long-term target.
Place a stop-loss above the breakdown level, at $138.50, to account for potential false breakdowns or whipsaws.
A confirmed breakdown is expected to gain momentum within the next 1–2 weeks.
Watch for increasing volume to validate the breakdown.
I am going to take a position on Wednesday before NVDA ER.
Trade active
taking position on 
AMD 11/29/24 120P @.24 
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