On daily base the well known US company AMD probably has made a potential historical bottom ($1.63) in November 2008. Since then I can count only impulse waves – Probably we are in ii of I of 1 of (1) waves, which means, that if that count is correct we can see the most mighty, bullish extension since Nov2008 bottom.
I suspect a “flat” correction underway, which looks unfinished. Probably reaching $ 7.92- $ 8.10 resistance is going to look better. After completing that potential “flat”, and that resistance level hold the price, I will have the reason to expect bounce up for iiith wave of Ist wave of a 1st wave of a (1)st wave. Yes I know that looks little complicated.
So, if the price action doesn’t “obey” to my desire and dip lower, then we should see closing the gap $6.17-$ 5.35 and testing the $ 5.31 support level, which will be the key level for the further price exit. If that level find support among the bears -AMD is in a BIG TROUBLE.
According to the data base we have, and calculations can be pointed the first target of a new potential, tight bull trend-$ 16.90.
$ 9.75 is a good conservative buy level.
Weekly base
