Great bounce from 92$ supply zone. Potential to test the red resistance line around 100$. Also gap down around 100$ will act like a magnet for price action to fill the gap. Based on the reaction on the red resistance line, we can either confirm the head and shoulders pattern over medium and long term which will be bearish if true.
Disclaimer : Educational idea. Not a financial advice. I have swing positions in AMD on same trade idea at 93$ level.
Disclaimer : Educational idea. Not a financial advice. I have swing positions in AMD on same trade idea at 93$ level.
Note
We lost 92$ support. Next stop is 85$ for supply zoneTrade active
The red line resistance test is coming at around 102$.
My idea: I would open a short trade with SL of 106$, with target of 85$. A great risk to reward ratio trade of 1:4. Just an educational idea.
Trade active
If you took the trade, you must already in +10$ profit. Now, you can do risk management by closing part of positions now, and final part around 85$Trade closed: target reached
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.
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.