Firing up the rockets
After a triple bottom at the super strong support line around $12, AMD broke out from the triangle and it's on a sharp upward trend. Some people started to bury the stock since it sank under the MA 200 line, but I always say: Be flexible with the technical analysis! It's just a set of not-so-strong rules based on human psychology and some mathematics, so anomalies are common.
But back to the stock, everybody is looking at the $13.15 resistor right now. People say that it's a quite strong resistance line, but I don't think so. The last time it stopped the upward trend, actually, the stock just started trying to get its shit together from a strong downward trend. So it was just a quite weak secondary upward trend. And what happened today? By the time it reached the $13.15 line, it already ran an awesome +3.87% marathoon* from the closing of the last day. (not to mention the +10.1% gain in 3 days) Of course it had to take some rest. Sat down on the Fibonacci 0.618, gathering some strength for the next run.
So in my opinion, it's gonna break through the $13.15 resistance line easily. If not on Friday for some reason, then on Monday. Based on the recent news we can be optimistic.
Let's have a look at the indicators in the case of hourly candles. Indicators based on hourly candles are quite good at determining the secondary trends. MACD is still on upward trend with a little hiccup, CCI is above the middle line, but RSI is at 75. Well, AMD is a volatile stock and based on the historical data, it's quite common reaching RSI 80-85 before it turns around.
*it's not typo, I just didn't want to type +3.87% marathon
But back to the stock, everybody is looking at the $13.15 resistor right now. People say that it's a quite strong resistance line, but I don't think so. The last time it stopped the upward trend, actually, the stock just started trying to get its shit together from a strong downward trend. So it was just a quite weak secondary upward trend. And what happened today? By the time it reached the $13.15 line, it already ran an awesome +3.87% marathoon* from the closing of the last day. (not to mention the +10.1% gain in 3 days) Of course it had to take some rest. Sat down on the Fibonacci 0.618, gathering some strength for the next run.
So in my opinion, it's gonna break through the $13.15 resistance line easily. If not on Friday for some reason, then on Monday. Based on the recent news we can be optimistic.
Let's have a look at the indicators in the case of hourly candles. Indicators based on hourly candles are quite good at determining the secondary trends. MACD is still on upward trend with a little hiccup, CCI is above the middle line, but RSI is at 75. Well, AMD is a volatile stock and based on the historical data, it's quite common reaching RSI 80-85 before it turns around.
*it's not typo, I just didn't want to type +3.87% marathon
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