Anticipating Upside In AMD
by Mike Paulenoff
June 30, 2024 • 12:09 PM EDT
On the morning of June 20, Mike Paulenoff posted a heads-up about AMD to MPTrader members, writing:
"AMD has been upgraded this AM by Piper Sandler with a Target Price of 175. Piper reiterated its OverWeight rating and has made AMD its top big-cap pick for the remainder of 2024. Technically, AMD has its challenges and its work cut out for it to climb to Piper's 175 target. My attached 4-hour chart setup argues that for starters, AMD needs to climb above 158.60 to gain initial traction for a run at the next higher resistance levels of 162.50 and 164.85... At the moment my May-June pattern work has the right look of a completed major correction at the May low of 141.00 followed by the first upleg in a new bull or significant counter-trend period that has as its first high 174.55 (5/22/24). If the May low is violated, my current positive view of AMD's technical set up will be invalidated, and AMD will point to 120-123... Last is 155.81..."
Fast-forward through last week's strong price action in AMD into Friday morning (June 28), when Mike followed up with this technical message for MPTraders:
As long as any forthcoming weakness is contained above key support from 155.50 down to 153.34 (see may attached 4-Hour chart), my May-June pattern work argues that AMD is in the grasp of a new bull phase off of its May 1, 2024 multi-month corrective low at 141.00, and is poised to challenge nearest key resistance at 164 to 167. If the resistance is taken out, AMD will project higher to test its 5/28/24 high at 174.55 where the stock will be positioned to trigger an intermediate-term upside reversal signal... Last is 162.85...
During Friday's morning session, AMD hit a recovery rally high at 166.45, up 6.8% from Mike's first heads-up on June 20, closing the week at 162.21, preserving key May-June support levels.
What's ahead for AMD? As long as the support levels remain intact (see Red demarcated support zones on Mike's 4-hour chart), AMD has the right look of a bottoming period and pattern in the aftermath of a major correction (227.30 to 141.00) within a longer-term, dominant bull phase that originated at the October 2022 low of 54.57.
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