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Anticipating a Breakout as Advanced Micro AMD Consolidates Recent Gains

We are watching Advanced Micro Devices (AMD) closely, as we’d like a breakout to add to existing positions. Any new additions would be a day trade to start, as outlined in the 60-minute chart below, while we look for a flag to form to confirm any potential swing trades. Reference the daily chart for swings.

Advanced Micro (AMD)

Technically speaking, price action is a bit extended following a 700% increase (0.01 vs. 0.08) in quarterly earnings. That said, AMD is trading between support pivots (23.75) and the post-earnings pivot high (25.14) set on Thursday.

  • MACD and RSI suggest momentum is with the bulls.
  • 20/50d moving averages suggest bullish trend developing
  • Price consolidated for 3 months prior to earnings

AMD daily 02-04-2019


AMD 60 minute chart supports price at 24.07, so we’d need to see pre-market trading stay above this zone for starters, with a stop just below 24.07.

In addition, the 20ema is rising quickly to meet this flag.


AMD 60 min 02-04-2019


ON Semiconductor also looks primed to move higher. Price action is back above its 200d, trading +3% in early trading.

  • MACD is above its signal line and climbing.


ON Daily 02-04-2019


We’ll wait for the Opening Range (9:30 ~ 10:00) as we’d like to see semiconductors move together as a group before initiating a trade on AMD. Stay tuned.

Futures are drifting lower after trading +2.50 earlier this morning.

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