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.
Back on July 5, Mike Paulenoff alerted MPTrader members to the bullish potential in MRNAs chart.
With the stock trading at 154.68, he showed the charts projection towards resistance at the March 22 high of 188.33, writing: Just maybe, the 6 month base-accumulation period and pattern carved out by MRNA during 2022 after a wicked corrective-bear phase is starting to make its presence felt technically.
Back on July 17, with ARKK trading at 44.22, Mike Paulenoff commented:
ARKK (Cathie Wood ARK Innovation Fund) ... my attached 4 Hour Chart shows the price structure has carved out a May-July Rounded Bottom formation that is putting upward pressure on a key resistance zone from 46.70 to 48.12, and if hurdled, will trigger upside projections to 58-60...
Since then ARKK in fact climbed to a new 7-week recovery high at 49.
Back on Thursday, July 7, 2022, this is what Mike Paulenoff discussed with MPTrader members about the ARK Innovation ETF (ARKK):
Its Time to take a look at the technical setup in ARKK, putting aside the miserable narrative that surrounds ARK fund manager Cathie Woods performance from the February 2021 ATH at 159.70 to the May 2022 low at 35.10 (-78%).
Back on the afternoon of June 30, just ahead of the long July 4th holiday weekend, Mike Paulenoff posted to the MPTrader.com Coverage List the following chart-based commentary about a forthcoming directional price move in the SPY (SPDR SP 500 ETF Trust), which was trading at 379.38 at the time:
From the perspective of my Hourly SPY setup, todays low at 372.56 followed by the powerful rally to an intraday high at 380.
Back on June 17th, this is what we discussed about the TLT (20+ Year T-bond ETF)when it was trading at 112.53:
The TLT put in a big upside reversal day yesterday (6/16/22) from 107.80 to 111.72, closing RIGHT AT the High of 111.72, leaving behind a Bullish Engulfing Candle on my Daily Chart (not shown here). The last time TLT traded at 107.