Advanced Micro Devices (AMD) rallied late evening on a CNBC report that it’s working with Tesla (TSLA) on a new AI chip for its autonomous vehicles. Nvidia (NVDA)was lower. Recent IPOs Blue Apron (APRN) and Veritone (VERI) rallied late yesterday, so we’ll be watching all five LIVE today. Energy stocks are also doing very well, with Oil and Gas names cranking higher during the Wednesday session.
Advanced Micro Devices (AMD)
CNBC reported at 15:30, that AMD was partnering with TSLA. The resulting move was picked up by some of our members.
The daily chart indicates potential up to 15.00 and then a pivot “buy point” above which the stock’s measured move would target 20.00 (+/-). The current depth of pattern from previous price action is about 4.50.
TSLA pulled back this week, finding support at the 9ema in this ascending triangle pattern. If the stock breaks out above 389.61 the move thereafter would likely play out into year end. There is no overhead supply above these levels, so if we move into this zone we’ll add to our position.
Oil and Gas Stocks
The energy sector has proven its resolve, moving above VBP resistance. The “Volume by Price” levels have held prices back until now. Look for continuation trades in APA, APC, COP, DO, HAL, SWN, XEC, XOM and XOP, among others. Follow the money!
It is Thursday, and the indices have had quite a run over the past 10 trading days, so we are taking profits into strength, starting with our laggards.
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