AMD (Advanced Micro Devices) will offer an objective short entry on a solid break or 60-minute candlestick close below this bearish rising wedge pattern and/or on a break below the 338 support, just below it. The maximum suggested stop (if targeting the current final target of T2, just above the 266.60 support) is 375.90. 60-minute chart below.
AMD 60m May 4th
The two potential targets (T3 & T4) are only that, potential price targets that may become official price targets depending on A) If this trade setup triggers a sell signal/short entry & becomes an active trade, B) doesn’t hit the suggested stop, and C) Depending on how the charts of both AMD & the semiconductor sector as a whole (SOXX, XSD, & the other big semi stocks) develop going forward.
On a highly-related note, here’s my updated 60-minute chart of SOXX & reply to a question from @mikeflegel that I posted earlier today:
Yes. No change in the trading plan for SOXX at this time. Here’s an updated 60-minute chart with the same price targets (T1 was already hit, with SOXX bouncing off that support level). Next sell signal (objective add-on or new short entry/re-entry) to come on a solid break below the purple secondary/B.O.D. uptrend line.
One of the highest-profit-potential trade ideas right now, IMO, but as with any trade, this one either works out or it doesn’t.
SOXX 60m May 4th