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.

CHART LEGENDS

Red line = 200 period moving average

Blue line = 50 period moving average

Green line  = 22 period moving average