AMD AMD has been in a strong downtrend for the last 5 months staying within a defined channel. It has reached a key support level at $100 from the end of 2023 and is down over 50% from all-time highs. I believe we will see a little bit of consolidation here over the next week or two then a breakout of the channel. I have started a long position at this level and will add to the position when it breaks out of the channel as a confirmation of the move. Target is the overhead resistance at the $128-$130 level and the Stop Loss is set at $86.6 for a roughly 1:2 R/R on the trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.