Keltner Channels and Fibonacci in Advanced Micro Devices
Like many technology stocks, Advanced Micro Devices has rebounded sharply in 2023, but is it due for a pullback? This chart considers a few indicators and patterns to address that question.
First, prices shot through the top of the Keltner Channel in early February but are now back inside the bands. Based on other moments, like early August, mid-October and late November, that may indicate a change of direction. (See the white arrows.)
Second, how far might it retreat? This chart includes Fibonacci retracement lines. Giving back half its year-to-date gains would return the chipmaker to $76.84. That is also near the fourth quarter’s highest daily closing price of $77.63 on November 30.
Third is AMD’s longer-term trend. Notice how the 50-day simple moving average (SMA) remains below the 200-day SMA. Some traders may want to see the lines getting closer to a “golden cross” before jumping back in.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
First, prices shot through the top of the Keltner Channel in early February but are now back inside the bands. Based on other moments, like early August, mid-October and late November, that may indicate a change of direction. (See the white arrows.)
Second, how far might it retreat? This chart includes Fibonacci retracement lines. Giving back half its year-to-date gains would return the chipmaker to $76.84. That is also near the fourth quarter’s highest daily closing price of $77.63 on November 30.
Third is AMD’s longer-term trend. Notice how the 50-day simple moving average (SMA) remains below the 200-day SMA. Some traders may want to see the lines getting closer to a “golden cross” before jumping back in.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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