AMD Gotcha
AMDBears outperformed the Bulls when AMD broke out of its IHS/ ascending triangle patterns. Short term charts (4H, 30min, etc...) will show the whiplash intraday breakout buyers received. Although there was a whiplash, objectively, AMD 30min 20EMA has been supporting price action to this point.
To simplify what we have on this ticker, I will show the 4H HH and HL and the crossing of 20 / 50 EMA. For pattern traders, we could also be in the midst of a rounded bottom or cup and handle but patterns are.....meh. Used as potential energy measurement and shouldn't be the foundation of a trade. Personal preference.
Daily print clearly shows the false breakout. Breakout is a dangerous buy. Daily will also show you the clear 50EMA support has held true.
Weekly shows a large engulfing candle after a long leg doji off the 20EMA where the weekly chart has shown to be support.
I'd like to see a $200 print on AMD... time will tell. Cheers!
https://www.tradingview.com/x/MCFS1NaU/
