Hello There,
welcome to my new analysis about the Advanced Micro Devices Inc. (AMD) stock on the weekly timeframe perspective. In the past few times, the bullish volume and volatility of this have heavily increased, and the stock surged over 40% towards the upside. Right now, I have spotted a major underlying price pattern that is likely to lead to strong bullish alignments. Currently not every stock in the market is as bullish as AMD, this is why I am only considering the fruitful setups for potential positioning in the market.
As when looking at my chart, we can watch there that the stock has formed this massive broadening wedge formation. Within this formation, the stock already completed the wave count and recently formed the breakout above the upper boundary of this whole formation. Right now, the stock is already confirming this whole bullish formation with the breakout and continuation setup. This is a really strong bullish sign from which further expansions are highly likely. The most important element of this confirmation is this heavy bullish volume and volatility.
There are furthermore supports for the stock in this whole structure. The most imminent of them being the 40-MA marked in green and the 25-MA marked in blue. In the next times a bullish crossover is highly likely, which will confirm the bullish trend additionally. The whole formational structure and bullish breakout determination have already activated the main bullish target zones. These target zones are initially within the 380 level, as marked in my chart with the green dotted area. Once these target zones have been reached, a continuation above is likely when bullish momentum holds on.
In this manner, thank you a lot for watching!
What do you think about the stock? Where do you position yourself right now?
Let us know in the comments below!
VP