Hello Traders,
Analyzing AMD from the technical perspective, we see that the peak was reached at 57$,
After that, the stock retraced some of the gains and went back to the support of 52$ and the stock is now ready for the next leg up.
Our stop loss is set at 49$, a healthy 3$ spread, there is a greater chance that the stock will move to the upside but in case it does not and the correction turned into a downtrend, we close the entire position at 49$
Today (May 27th) is an interesting day for the price pattern of the stock, a clear hammer is formed supporting the uptrend hypothesis,
The support of the 52$ is also the 50 days EMA which also served as support since April 2020.
Trade Smartly,
Alon, AlphaOverBeta
Analyzing AMD from the technical perspective, we see that the peak was reached at 57$,
After that, the stock retraced some of the gains and went back to the support of 52$ and the stock is now ready for the next leg up.
Our stop loss is set at 49$, a healthy 3$ spread, there is a greater chance that the stock will move to the upside but in case it does not and the correction turned into a downtrend, we close the entire position at 49$
Today (May 27th) is an interesting day for the price pattern of the stock, a clear hammer is formed supporting the uptrend hypothesis,
The support of the 52$ is also the 50 days EMA which also served as support since April 2020.
Trade Smartly,
Alon, AlphaOverBeta