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Fan Yang

Advanced Micro Devices (AMD) Respecting Key Support so Far

A couple of weeks ago, when we looked AMD, we saw that it was sliding, but approaching a key support pivot around 12.50. We saw that price pierced this level, and even cracked 12.00, but eventually found support around 11.85. A couple of weeks later, we can see that the area around 12.00 continues to provide support and giving some clues for the upside.

AMD Daily Chart

(click to enlarge)

- Price found support a little lower than I would prefer for a bullish trend. Still finding support essentially around 12 maintains a bullish outlook.
- Note that bouncing off of 12 is essentially bouncing off the 200-day simple moving average (SMA), which reflects maintenance of the bullish bias. 
- Furthermore, the RSI shows maintenance of the prevailing bullish momentum (since April), as it holds above 40 after a brief crack. 
- Overall, AMD still looks bullish, and this 12 area serves as a good pivot which buyers are using.
- Now, if price pushes above 13.20, price is likely to revisit the high on the year around 15.60, with a good chance of bullish continuation towards at least 16.00-16.50, with the 20 handle as a limit to our bullish outlook for now. 
- With the 11.85 area holding twice, it becomes an important pivot. If price breaks below it, we can see a slide towards the 9.75-10 area. 

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