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Fan Yang

Advanced Micro Devices (AMD) Might See Another Downswing

Advanced Micro Devices $AMD has been consolidating since March, after it tagged a high around 15.60. A second attempt to push above this pivot in July failed, and price remained in consolidation. At this point in the consolidation, I think there will be further downside towards $9.40-$9.50 before support.

AMD Daily Chart

(click to enlarge)

Negative Reversal:
- Note that there is a higher high on the RSI, but lower corresponding highs on price. 
- This is a negative reversal and suggests another swing down below the current support around 9.75. 
- Perhaps we will see price in the $9.40-$9.50 area before seeing strong support. 
- A clear break below $9.40 however, opens up the next support/resistance pivot area around 8.15.

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