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Advanced Micro Devices (AMD) Hangs on Bullish Stance Awaiting Breakout

Advanced Micro Devices (AMD) has settled in a consolidation range in the past month or so.

Advanced Micro Devcies (AMD) Daily Chart

(click to enlarge)

Bullish Stance:
- When we look at the daily chart, we see a bullish-sideways marketfor 2017. 
- The market was bearish entering the year, but started to trade sideways. 
- However, there is a bullish stance now because price is above the 200- and 100-day simple moving averages (SMAs).
- Also, the RSI has tagged 70 but held above 30. It has even held mostly above 40, which suggests maintenance of the bullish momentum since May. 
Range:
- There is a range between roughly 11.90 and 13.20, with a tail that reached almost 13.50. 
- A break above this range puts pressure on the high around 15.60. And if price can get there, I would not rely on the resistance and expect a bullish continuation. 
- A break below 11.80 on the other hand would put pressure back on the 9.95-10 support area. If price falls to this support, there might be a bearish implication because price would have completed a double top. 
- For now, I would lean towards the bullish outlook based on charting analysis. 

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