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Advanced Micro Devices (AMD) - Where to Anticipate Support if There is a Pullback

Advanced Micro Devices (AMD) has been on a sharp rally, which signaled a bullish continuation after a period of consolidation.

Advanced Micro Devices (AMD) Daily Chart

(click to enlarge)

Bullish Continuation:
- The market was bullish heading into March, after which there was a period of consolidation.
- Price came down to the 200-day simple moving average (SMA) and bounced up, which is a good sign that bulls are still in charge.
- Then, price broke above a falling resistance, which adds to the case of bullish continuation.
Anticipating Support:
- Now that price has shown some strong signs of bullish continuation, we can anticipate support around 12.40-50. This is a support/resistance pivot, and if price came back down here, it would be testing the broken resistance as support.

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