In his September 30th chart analysis for MPTrader members, Mike Paulenoff wrote bullishly about AMD, noting:
"AMD has piqued my interest technically because all of the price action off of its ATH at 122.38 (8/04) into the September lows at 99.51 (9/20) and 99.81 (9/29) has the right look of a complete, or nearly-completed correction of the prior major advance off of the 5/13 low at 72.50. As long as the 99.50 support area remains viable support, my pattern work indicates that AMD is starting a new upleg that projects to a higher ATH in the 130 target zone."
AMD, which was trading at 103.49 at the time, tested and retested the 99.82/83 level, but preserved the 9/29 low at 99.81 before thrusting off support, climbing to a high of 107.95 this past Thursday.
The stock closed up 2.6% for the week, outperforming SPY (-1.8%) and QQQ (+0.3%).
What's next for AMD?
Mike wrote on Thursday that the stock is poised to "challenge its key resistance line off of the ATH (122.38), now in the vicinity of 106, which I expect to be taken out, triggering upside potential that argues for new ATH's above 122.38, into the 130 target zone."
He adds, "In that, the form of the rally from the 9/29 low at 99.81 to the 10/07 high at 107.95 exhibits bullish form, the current technical setup has very promising implications for upside continuation and acceleration in the upcoming days."
Join Mike and our MPTrader members for their forthcoming strategy sessions about AMD, as well as many other individual stocks, ETFs, macro indices, commodities, and cryptocurrencies.
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.