Identifying AMD's Pivot - Market Analysis for May 2nd, 2021
by Mike Paulenoff
May 2, 2021 • 10:00 AM EDT
On Friday April 23, Mike Paulenoff alerted MPTrader members to an upside opportunity in Advanced Micro Devices (AMD) ahead of its earnings release on Tuesday April 27:
Mike wrote: "Right now, we should lean towards a bullish reaction to the news, and if 85 is hurdled and sustained, then AMD will be positioned for upside continuation."
However, Mike cautioned that the stock needed to get above the 90 resistance area or could stall and reverse lower.
Indeed, the stock, which was trading at 82.85 at the time, rallied ahead of and immediately after releasing earnings on Tuesday, but reversed and pressed lower from a post-earnings spike high at 89.90 on Wednesday -- right beneath resistance -- to close the week at 81.62.
In fact, on Wednesday morning, with the stock at 89.29, Mike wrote: "In that my near term Momentum work shows AMD pushing into serious overbought condition, I will not be surprised if the post-earnings up-spike stalls and digests the gains in the 85 to 90 area, after which AMD will show its hand."
Mike's guidance to MPTrader members provided a valuable heads-up about a potential sell-the-news scenario if AMD failed to sustain gains above 90.
This is the quality of the in-depth market and technical analysis that Mike provides throughout every trading day in the MPTrader live room.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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