Top 5 Weekly Trade Ideas #2 - AMD Inverse H&S

30 Ara 2024

I think AMD still looks bearish on the longer time frames, but for now on the 15m it looks like a potential bottom with an inverse H&S. First upside target is $127.65 and it might go all the back up to retest the major trendline above.

Would be bearish if it falls back below the shoulders/neck line with a target area of $118-$120.

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This was one of the few bullish ideas I had this week, but it rolled over with everything else. It looked to me like we had a fakeout below the August low which would normally lead to trapped sellers. Also had the inverse H&S but it broke the neckline anyway.

Still has a chance to bounce if it can hold the recent low or hang around the August low, it did bounce after filling a gap today. For now it has broken below and failed on a retest of the neckline so we'll see. Very weak stock on all time frames for now until it proves otherwise.