AMD Is it approaching a multi-year top and turning into a Sell ?

Almost 8 months ago (March 07, see chart below) we made a bold call (for the time) on Advanced Micro Devices (AMD), expecting it to bottom on its 1M MA100 (red trend-line) and then rebound, targeting $320:

Well the Bullish Leg of its 6-year Channel Up had been even more aggressive than we expected and is already approaching its top (Higher Highs trend-line), much earlier than we expected.

This is technically the right time to book the amazing +240% profits from the April 07 bottom, as the 1W RSI just hit its 6-year Resistance, which has marked the Channel's two Tops.

Even though the Bullish Leg can technically extend as high as +287% on the 1.236 Fibonacci extension (like the previous did), the focus of a long-term investor should now be to buy (much) lower, preferably as close to the 1M MA100 as possible.

The last two Higher Lows of the Channel Up have been priced just above the 0.786 Fibonacci retracement level, so our fair long-term Target is currently at $110.00.

So do you also think AMD is approaching the end of the (long-term) road and is gradually turning into a Sell?

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