AMD Inverse Head and Shoulders waiting for massive break-out.

Advanced Micro Devices (AMD) has entered a wide consolidation range within the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) following the May 14 High. From a wider scale, this is technically seen as the Right Shoulder of an Inverse Head and Shoulders (IH&S) pattern.

This is generally a bullish reversal pattern and it is no coincidence that the Head was formed exactly on the market bottom (April 08). With the first long-term buy signal already given by the 1W MACD Bullish Cross, as long as the 1D MA50 holds, a break above the 1D MA200 would confirm the next rally phase.

Technically when the Right Shoulder break-outs take place, they target the pattern's 2.0 Fibonacci extension. That's now exactly at $168.50 and this is our medium-term Target.

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