AMD Final Flush completed. Next High above $300.

31 Tem

The Advanced Micro Devices (AMD) have most likely bottomed on this week's 1W candle as after breaking last week below the 1W MA50 (blue trend-line), their earnings report last night came out better than expected and the opening is expected considerably higher.

Technically, the stock has almost touched the bottom (Higher Lows trend-line) of the 2-year Channel Up that started on August 01 2022. This can be a similar Higher Low to the last one on the week of October 23 2023. As you can see, that Low was priced while the 1W CCI was Oversold (below -100.00), similar to today. The Channel's first Low was again on an oversold 1W CCI on the week of October 10 2022.

As the same time, we are as close to the bottom of the Sine Wave as possible, which again, as you see, has marked the last two Higher Lows of the long-term Channel Up.

We don't expect any more divergencies from what a typical Channel Up would suggest, and that is the start of a new Bullish Leg, its 3rd so far. If the next Higher High is exactly at the top of the Sine Wave, then we can expect it in early January 2025. The previous two Higher Highs were priced after +144% rallies from the Lows, so it is possible to see $345.00 if this symmetry continues to hold. A 300 - 320 Target Zone though is in our view more suited for a Higher High.

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇