Microprocessor manufacturer AMD was downgraded today by ThinkEquity; as a consequence, price action traded lower. However, the move lower was enough to break an uptrend of a 60%-gain rally which lasted 2-months. OBV has also confirmed the breakdown. The trend-reversal may find support at Fibonacci retracement levels ~$24, ~$22.50 and $21.
2 comments:
Hi Steve,
Are you still bearish on AMD, or does it look to bounce off of these levels?
Thanks,
AJ.
Hi AJ, my thoughts: After bouncing off ~$23, AMD has turned bullish. If it can close above $25.50 this coming week, then $26 will provide the next strong resistance level.
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