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Fan Yang

Advanced Micro Devices (AMD) Retreating Towards Key Support Around $25.60-$27

AMD has failed to clear the 2018 high around $34.20. It is retreating, and has broken an August/September support at $29.45.

AMD Daily Chart

(click to enlarge)

Support Area:
- The failure to break above $34.20 keeps AMD in the consolidation mode it has been in since 2018.
- However, there is still some bullish bias. I would call AMD bullish-neutral. 
- The choppy price action is indicative of this mode, the market being tentatively bullish.
- However, I don't think the market is bearish on AMD. That means, this could be a buy-the-dip setup.
- If this is the thinking, I would be looking in the $24.60-$27 area for support.
- This area involves the 200-day simple moving average, and is just above the 2018-year-end price bottom. 
- A break below $24 on the other hand puts pressure on $20, and suggests a much more significant consolidation than I am anticipating right now.
- If price does hold above this $24.60-$27 area and climbs back above $30, I think AMD would challenge the $34.20 resistance again with a good chance of breaking higher.

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