June 14 Chart of the Day - AMD
Like many equities, Advanced Micro Devices (AMD) has broken out to the upside in a forceful and meaningful way. Unlike other charts like NVDA, AMD has what we like to call "two sided" price action. Meaning, it's not trading at all time highs and has historical price action around these levels.
For the past few weeks price has been ping-ponging between $120-$130 area but technically speaking the AMD bulls have their hopes set on $140 or possibly even higher.
With a recent break out and retest of the upper channel trend line can this be the shot for the bulls for the hyper breakout or will the sellers step back in to keep the sideways movement going.
Recent headlines touting a "a potential super chip deal with Amazon" has AMD management and investors feeling optimistic.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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