Firing up the rockets
After a triple bottom at the super strong support line around $12, AMD broke out from the triangle and it's on a sharp upward trend. Some people started to bury the stock since it sank under the MA 200 line, but I always say: Be flexible with the technical analysis! It's just a set of not-so-strong rules based on human psychology and some mathematics, so anomalies are common.
But back to the stock, everybody is looking at the $13.15 resistor right now. People say that it's a quite strong resistance line, but I don't think so. The last time it stopped the upward trend, actually, the stock just started trying to get its shit together from a strong downward trend. So it was just a quite weak secondary upward trend. And what happened today? By the time it reached the $13.15 line, it already ran an awesome +3.87% marathoon* from the closing of the last day. (not to mention the +10.1% gain in 3 days) Of course it had to take some rest. Sat down on the Fibonacci 0.618, gathering some strength for the next run.
So in my opinion, it's gonna break through the $13.15 resistance line easily. If not on Friday for some reason, then on Monday. Based on the recent news we can be optimistic.
Let's have a look at the indicators in the case of hourly candles. Indicators based on hourly candles are quite good at determining the secondary trends. MACD is still on upward trend with a little hiccup, CCI is above the middle line, but RSI is at 75. Well, AMD is a volatile stock and based on the historical data, it's quite common reaching RSI 80-85 before it turns around.
*it's not typo, I just didn't want to type +3.87% marathon
But back to the stock, everybody is looking at the $13.15 resistor right now. People say that it's a quite strong resistance line, but I don't think so. The last time it stopped the upward trend, actually, the stock just started trying to get its shit together from a strong downward trend. So it was just a quite weak secondary upward trend. And what happened today? By the time it reached the $13.15 line, it already ran an awesome +3.87% marathoon* from the closing of the last day. (not to mention the +10.1% gain in 3 days) Of course it had to take some rest. Sat down on the Fibonacci 0.618, gathering some strength for the next run.
So in my opinion, it's gonna break through the $13.15 resistance line easily. If not on Friday for some reason, then on Monday. Based on the recent news we can be optimistic.
Let's have a look at the indicators in the case of hourly candles. Indicators based on hourly candles are quite good at determining the secondary trends. MACD is still on upward trend with a little hiccup, CCI is above the middle line, but RSI is at 75. Well, AMD is a volatile stock and based on the historical data, it's quite common reaching RSI 80-85 before it turns around.
*it's not typo, I just didn't want to type +3.87% marathon
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.