Replies to post #94091 on Advanced Micro Devices Inc (AMD)

[BornAtNight]

My last 2 buys were both above $33 and close to 34. It's starting to look like I am screwed. I am getting the feeling we are headed to 28 and maybe 25.

[BornAtNight]

I appreciate your chart and trading channel analysis, but it foes not speak well for my personal position. I am very concerned and do not like what the other standard charts are signaling, particularly the NACD chart. I also do not like what the VWAP is saying. I am considering taking a loss of $2,50 a share at this point to avoid taking a greater losses. If I get out it would negate some modest gains I got on earlier trades and then some but overall the loss would be not that bad. I am thnking the market forces have turned on AMD and the upward momo is over, it seems to me that there is now more downward pressure and it is more likely we will see 28 than 35.....

[JLS]

Just as soon as I suggest it,

here it is: du correction.

Hate it when that happens.

Gives me (sadly) the opportunity to change the inclining channel into a fork.

But even that is good news: such narrow channels, by themselves, cannot exist for very long. To do so is too unrealistic. But now with a fork, AMD has a room of its own as a target for its corrections; and the fact that the floor aligns very well with a common moving average, SMA(20), gives it additional credibility.

That blue dashed horizontal line is actually a support level -- AMD bumped into it a few times in early September (from the bottom as well as from the top, as resistance turned into support). I wonder if AMD will bump along the top of that dashed line (respecting it as support) till the bottom tine is touched. Then what? Then AMD goes higher -- maybe Monday is the target day for going higher, but keeping price between the two bottom tines. That would give the correction two more days of life.

That's the best I can do as an optimist. You don't want to hear my pessimistic tune.

So, what's the vertical blue dashed line for? Uh, marking Friday. I like to mark Fridays because they are option expiration days.