Naked Chart Trading: AMD 14 May 2024
$Advanced Micro Devices(AMD.US$ share prices had been falling since Mar 2024, from nearly USD230 to about USD140 within 2 months. Not all chip players move like $NVIDIA(NVDA.US$ i supposed.
AMD's gaming solutions revenue decreased by 48% year-over-year in the first quarter of 2024 as sales of the company's processors for $Sony(SONY.US$ 's and $Microsoft(MSFT.US$ 's game consoles declined and demand for Radeon discrete graphics cards lessened. The company expects its gaming revenue to decline further in the second quarter and for the rest of the year before it has a chance to rebound in 2025.
Will AMD bearish momentum continue given there is lack of fundamental catalyst to the company?
I drawed a Fibo retracement from Oct 2022 low to Mar 2024 high. There was a inverted hammer bearish reversal pattern , followed by a retracement and currently testing between 50% USD140 to 61.8% USD160. Close above USD140 will trigger a rebound but below USD140 likely to test 38.2% USD120 and 23.6% which is also Oct 2023 low of USD90 level.
Weekly chart wise, AMD's overall trend is still more to bullish with higher highs and lows in a long run, but strong retracement in between. In order to remain its bullish momentum, the prices must maintain above 23.6% and 38.2% level.
Short term wise, there are lower highs & lows with red candles outnumbered the green, so technical correction likely to continue for now, until there is a emerge of buying support.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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pootpoot : Great insights!
pootpoot : Great insights!
digimonX : Hey, this is good work, with clear numbers/prices. Although I don't do TA, I do read reports like this to validate my own analysis/judgement.
Pple with skills & knowledge vs no skills & no knowledge is as clear as night & day. u deserve 2 thumbs up!
ma gon : this analysis feels like a description of weather patterns based on temperature in the fridge
TestLa Kopi : The difference between training and interference is significant.