When to Short AMD: Playing Devil’s Advocate
Despite the impressive 36% bull run, AMD is still trailing behind NVDA for the year, which is up 60% YTD. It’s also trading about 50% down from its all-time high of $161.91 recorded on November 29, 2021.
If the double top pattern over the past two months is an indication, then AMD’s 9-week bull run could be coming to an end. AMD had already started to pull back from the 2023 highs of around $88.9. Given that it has failed to break above its resistance, the pullback could go into a full reversal.
In the near term, a drop below AMD’s current 4-hour pivot point could result in a bearish reversal bottoming out around $71.5. In this case, one could short AMD below 78 with partial targets at $74.95 and $71.5. $Advanced Micro Devices(AMD.US$ $Direxion Daily Semiconductor Bull 3x Shares ETF(SOXL.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
InvestUncle : agreed. but some where someone out there is breaking it out to 97...???