Is Advanced Micro Still Advancing?
By:TradingView
Advanced Micro Devices has gone nowhere since October, and some traders may think it’s stopped advancing.
The first pattern on today’s chart is the potential double top between October 29 and January 23. That may signal a reversal following a period of upward movement.
Second, the 8-day exponential moving average (EMA) has been under the 21-day EMA for the last month. MACD is also falling. Both points may reflect short-term bearishness.
Third, the 50-day simple moving average (SMA) crossed below the 100-day SMA in February. Both are now falling, which may reflect longer-term bearishness.
Next, AMD just had its lowest weekly close since late September. It’s also near its 200-day SMA. Could prices crumble lower from here?
Finally, AMD is a highly active underlier in the options market. (Its average daily volume of 523,000 contracts ranks eighth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is the potential double top between October 29 and January 23. That may signal a reversal following a period of upward movement.
Second, the 8-day exponential moving average (EMA) has been under the 21-day EMA for the last month. MACD is also falling. Both points may reflect short-term bearishness.
Third, the 50-day simple moving average (SMA) crossed below the 100-day SMA in February. Both are now falling, which may reflect longer-term bearishness.
Next, AMD just had its lowest weekly close since late September. It’s also near its 200-day SMA. Could prices crumble lower from here?
Finally, AMD is a highly active underlier in the options market. (Its average daily volume of 523,000 contracts ranks eighth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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