Technical Pulse: Advanced Micro Devices INC. Steadily rising. May 16, 2019 668

Current Sentiment: Bullish

Support 1: 24.57                     Resistance 1: 30.00

Support 2: 21.08                     Resistance 2: 34.07

AMD has recovered from the bottom since breaking off the high of 23.82 and since then, the market has been moving up in a steady double 3 waves movement in the channel. Base on the technical factors presented, the market has another potential to move further upside.   

  • Bullish flag formation.  
  • Tuesday’s candle close with a bullish engulfing at the bottom of the flag and which it also confluence with the primary uptrend channel bottom support.
  • Yesterday’s candle reacted to the previous day bullish engulfing.
  • Bullish engulfing closes above the 50 Simple moving average and price has been edging higher above the 200 Simple moving average.

*Price may fall and break the uptrend channel support and should it break, the last line of defense will be the support level 1 at 24.57. Failure to close above the support 1 will result in the uptrend being broken and market might fall into a range market.


Red line = 200 period moving average

Blue line = 50 period moving average

Green line  = 22 period moving average

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