AMD Initiates Our Anticipated Rally ... What's Ahead?
by Mike Paulenoff
October 9, 2021 • 12:00 AM EDT
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."
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