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Fan Yang

Advanced Micro Devices (AMD) Slides Under $20 After Earnings Report

As the general equities market was recovering during the 10/25 session, Advanced Micro Devices $AMD plunged after its Q3 earnings report.

AMD Shares Plunge on Q3 Earnings and Revenue Miss

I had anticipated support around $20, but price didn't even pause there, gapping lower at the 10/25 session open (earnings was during 10/24 after market hours).

AMD Daily Chart

(click to enlarge)

Deep Pullback:
- As price slides under $20, we should look at the $20-$22 area as potential resistance going forward in the short-term.
- AMD itself is in a bearish correction mode, and the market in general is also in correction.
- Therefore, we might want to anticipate further downside.
Support:
- The downside however might be limited.
- Note that if price dips to $14-$15.50 area, we would be testing the top of a consolidation range that was in place for more than a year.
- I think despite the major correction, price would still be anchored above this range.
Neutral-Bearish Outlook:
- In the current neutral-bearish consolidation mode we should anticipate resistance around $20-$22, and anticipate downside risk to the $14-$15.50 area.

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