AMD to All time highs? Let's check out the big picture.
The Big Picture
- Many investors feel like they missed out on the NVIDIA trade and will likely look for the next best thing, AMD.
- If the QQQs get above 357.50, I think AMD will explode!
- From a technical perspective, This is a very bullish set-up!
Daily TimeframeAMD may need to consolidate further, but I'm watching this Wedge forming above the Gap. The moving averages all scream bullish momentum. Again, the follow-through will likely need the overall market support.
30 min timeframe
Price is holding above the Gap with three bounces off support, which is very bullish in my experience. Price broke above the larger wedge pattern with a GAP U, more bullish action.15min TimeframeDepending on how price opens up on Monday, I want to see a nice set-up from my playbook above 125.50 or 127.25
Entry Criteria
- I want to see Elevated Rvol
- I want to see the Overall Market in my Favor
- I want to see a Set-up from my playbook
Reason to Hold
Overall Market breaking & holding above resistance
- If QQQ's above - $357.50
If SPY is above - $432
If price finishes at high-of-day (HOD)
Reason to Cover
If the Market Breaks down
If there is Breaking News on the stock
- If Price holds below VWAP for an extended period of time
- If Price can't hold above prior support.
If the Trade idea works out, I'll keep you updated!