AMD Stock Analysis - Testing Key Price Level
Summary
TLDRThis is a technical analysis of Advanced Micro Devices (AMD) stock by Krie Artech from Wicked Stocks. It reviews AMD's recent price action, noting key support and resistance levels that could signal future moves. After testing support in late 2022, AMD rallied but now faces resistance at the $157 channel top. A close above $158.80 this week would target $186 in 2-3 months. Otherwise AMD may pull back towards $125 or even $102 later this year.
Takeaways
- AMD recently tested support at its rising 2/3 speed line, which contained selling pressure
- Rallying from support it closed above a descending channel top, signaling a buy on strength
- AMD now faces resistance at a rising channel top around $157
- Closing this week more than 1% above $157.23 signals a continued rally towards $186 in 2-3 months
- Closing this week at or below $157.23 signals a pullback is likely towards $125 or even $102 later this year
- The $124.70 rising 1/3 speed line could contain selling pressure over 2-3 months
- The June 2023 high around $133 could provide support on any pullback
- Upside confirmation doesn't come unless AMD closes firmly above the $157 resistance
Q & A
What was the key support level AMD tested in late 2022?
-In late October 2022, AMD tested support around its rising 2/3 speed line, which contained selling pressure.
What was the buy signal AMD recently triggered?
-By closing above a descending channel top off the support test, AMD triggered a buy signal on strength.
What key resistance level is AMD now facing?
-AMD now faces resistance around $157 from a rising channel top formed over the past 6 years.
What would a close above $158.80 this week signal for AMD?
-A greater than 1% close above $157.23, at $158.80 or more, would signal continued strength targeting $186 in 2-3 months.
What levels could AMD pull back to if it closes below $157 resistance?
-Closes this week at or below $157.23 could see AMD pull back toward $125 and possibly $102 later this year.
Where could selling pressure be contained on any pullback?
-The rising 1/3 speed line near $124.70 could contain selling pressure over 2-3 months if AMD pulls back.
What prior support could AMD find on a pullback?
-The June 2023 high around $133 could provide support if AMD pulls back from current levels.
What would firmly signal upside conviction for AMD?
-AMD closing firmly above the $157 resistance would signal bullish conviction for further upside.
Over what timeframe is AMD's key resistance currently being tested?
-AMD is testing longer-term 6 year resistance around the $157 level this week, which will help determine the coming months' trend.
What strategies are recommended based on how AMD acts at resistance?
-If AMD holds below $157, selling long positions and trading the short side is recommended until confirmation above $157.80. If AMD breaks out above $158.80, staying long and adding on dips is advised.
Outlines
AMD's Fundamentals and Technical Analysis
This paragraph provides an overview of AMD's market cap, weekly bar chart, and past technical analysis. It mentions testing a rising 2/3 speed line in late October, followed by a close above a descending channel top weeks later which provided a buy signal. The current rising channel top at 157.23 is noted as an area where long positions could be exited or short positions initiated.
Potential Price Action Based on Closing Price
This paragraph describes potential future price action based on where AMD's weekly closing price finishes relative to the 157.23 resistance level. A close above 158.80 could lead to 18,606 over 2-3 months. A close at or below 157.23 could lead to a decline to 124.70 or lower in the next 3-5 months.
Mindmap
Keywords
💡AMD
💡weekly bar chart
💡Rising 2/3 Speed Line
💡descending channel top
💡rising channel top
💡longterm channel top
💡quarterly selling pressures
💡speed line
💡pivot point
💡swing trade
Highlights
AMD stock analysis recorded on January 17th, 2024
Last AMD analysis was September 2022, predicted test of Rising 2/3 Speed Line
AMD tested 2/3 Speed Line in late October, contained selling as predicted
AMD closed above descending channel top weeks later, Buy Signal on strength
Approaching rising channel top at $157.23 this week, potential exit point
1% close above $157.23 at $158.80 continues rally to $186 channel top
Close below $157.23 can fall 3-5 months to $102 channel bottom
Alternate short target is $124 Rising 1/3 Speed Line in 2 months
Converging with June 2023 high of $132.83, take profits there
Fall to $102-104 channel bottom possible later in 2024
At pivot point, further rise to $186 or begin forming top
$158.80+ close indicates $180s over next months
Can sell anticipating $130s over next few months
Buy $132.83 down to $124.70 Speed Line swing trade
Monitor $157.23 close this week for direction bias
Transcripts
hi this is krie artech with Wicked
stocks bringing you an individual stock
pick in Advanced Micro Devices otherwise
known as AMD I did record this video by
the way on Wednesday January 17th 2024
let's segue to the basic fundamentals
courtesy of Yahoo finance you can see
certainly a large cap Corporation if you
want to read any deeper into this feel
free to freeze frame over this right now
but I'm going to segue to the weekly bar
chart same weekly bar chart throughout
and uh I'm going to backtrack a little
bit because the last AMD video analysis
we put out was September of last year
about four or five months ago and during
that or in that video if you go back and
watch it you'll see that we showed that
this Rising 2/3 Speed Line uh you know
we were about a month away from actually
testing it when we put the video out it
was a late September video it was in
late October that we actually tested
this Rising 2/3 Speed Line in which i'
mentioned uh could contain selling
through the rest of the year as it did I
also mentioned in the very same video
that coming off of that Speed Line our
next trouble spot to the upside and also
meaningful Buy Signal on strength would
be a settlement above that descending
Channel top which the market did several
weeks later after testing the 2/3 Speed
Line which I mentioned could contain
selling through the rest of the year 3
weeks later we closed above uh the
descending Channel top which was a go
with Buy Signal on strength uh and so
I'll just leave it at that what we're
actually approaching now is a rising
Channel top that is at
15723 this week the week of Monday
January sorry Tuesday January 16th
Rising 78 cents a week yes we've pushed
through this formation so far this week
but by a narrow degree this is still an
area if you are long AMD you can
consider uh exiting that long position
taking good profits uh this is also an
area where we could fall away for the
next 3 to five months I'll get to that
in a moment but given the fact that we
are presently Above This Channel top at
15723 I should uh just continue with
what if what if we do close this week
above
15723 well that would need to be by a 1%
margin truth be told and the 1%
violation of the 1572 three Channel top
this week is at 15880 so if we settle
Friday at 15880 or higher then we then
this rally that we've seen you know off
of that October low uh it just merely
continues to this longterm Channel top
that is about six years in the making it
goes back to the U uh 2018 low uh at
18606 becomes our next I'm going to say
2 to three month objective and it could
happen it could happen within inside of
two months it could potentially be a 3
to five week blast I would expect uh
aggressive follow-through buying uh if
we were to close this week above the
15723 formation by a 1% margin once
again that channel top is rising 78
cents a week so you can monitor its
location through time now if we ease
back and settle the week at or below
157.6 three this is a market that is
merely testing longer term resistance
and is prone to falling away but for
right now I just want to leave you with
this image at this point in time in the
video that if we close above 15723 at
the end of this week Rising 78 cents a
week and then needs to be by a 1% margin
of 15880 I'm expecting the 18606
six-year Channel top Rising 19 cents a
week as our next 2 to three month
objective where we could actually place
an annual high and fall away from 18 606
uh through the balance of the year uh
there would of course be a significant
long-term Buy Signal if we were to close
above 18606 I'm not going to go there
just yet I will though as we approach if
we approach 18606 over the next few
months and once again it is expected
over the next two to three months if we
settle this week Friday above
15723 by the required 1% margin until
then we may be merely testing long-term
resistance in fact that's the way I want
to frame this that we are merely testing
a long-term resistance level at 157.6
three this is an area where you can exit
a long position and consider going short
now if we close the week at or below
157.6 three uh exiting a long position
and playing the short side is the
recommended approach until proven
otherwise The Proven otherwise would be
of course a weekly settlement above the
15723 channel top what I can expect if
we close this week at or below
15723 I can't say expect but what I
think is quite possible and what I think
you can prepare for in other words I
think you can set a trade for this is
either a uh playing the short side
setting uh you know uh uh shorting AMD
outright as a stock uh and then buying
back at the channel bottom at 102.5 6
presumably about 3 to 5 months later um
or you could actually reach for I don't
know 105 strike out of the money puts
that don't expire for at least 6 months
I'd probably go a year out on that
because it could take the better part of
six months for that to fully play out
once again the 10256 channel bottom is
rising at 78 cents a week and can absorb
selling pressures on a quarterly basis
quite possibly by that point in time
through the rest of the year because if
you give this three to five months to
play out to the downside we're now you
know we could be in the middle of the
Year anyway uh by which point we could
bottom out through the balance of 24 at
10256 on the way down for those of you
who like to trade the near term approach
and I would call this kind of the 3 to 5
we a 5 to 8 week swing trade to the
downside that if we settle the week um
you know Friday uh at or below 157.6
three this newly formed Rising 1/3 Speed
Line at
12470 is considered uh you know let's
just call it a two to three Monon
objective but I really think it could be
inside of 2 months before falling to
12470 a rising 1/3 speed line that is
Trend defining by one definition Rising
a buck six a week and able to contain
monthly possibly quarterly selling
pressures when tested from there we
could round back up to the 15723 channel
toop within several months of testing
12470 12470 is by early March also
converging with that June 23 high of
13283 so you could also say that over
the next several months we fall back to
the
13283 uh June 23 High high and if you
play the short side you can take profits
there uh you can trade both sides of the
market here you can also buy 13283 down
to 12470 or wherever that Speed Line is
but I just wanted to note once again
that longer term that is to say over the
next 3 to 5 months potentially it could
take a little longer depending on how
the market treats that 12470 to 13283
region which is narrowing weekly uh but
uh just longer term later this year we
could fall all the way back to the 10256
Channel bottom where we could bottom out
really through the rest of the year uh
so we are at an an important um pivot
point for the market as we move through
the rest of the first quarter and into
the second either a uh closing above
15970 and continuing onward and upward
to 18606 and rising or B we are
presently forming a top here and you
know where we settle for the week itself
we'll have a lot to say about that don't
forget that 1% threshold above
15723 which is a 158 80 settlement or
higher on Friday does indicate the mid
to uper 180s over the next several
months until then this is a market that
can be sold anticipating you know the
one the lower 130s over the next few
months and possibly into the lower 100
handle the low 102 103 104 region as we
move into later year I'm going to leave
it at that for this particular Wicked
Talks video analysis on AMD you have a
great
day
sh
Посмотреть больше похожих видео
NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, August 16th, 2024
SOLANA UPDATE: $80 or $200 Next?
NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, July 12th, 2024
WARNING: Brace for a Flood of Stock Market Crash Videos
$NVDA EARNING ANALYSIS IN 3min
XRP DAILY ANALYSIS - RIPPLE XRP PRICE PREDICTION - RIPPLE XRP 2024 - RIPPLE ANALYSIS
5.0 / 5 (0 votes)