Advanced Micro Devices Inc. — Support Target Revealed!

AMD has been in a strong decline since March 2024, the exact same date when Bitcoin and the Cryptocurrency market peaked.

We are experiencing a classic ABC correction (a Zig-zag) as known from the Elliott Wave Theory charting system.

The initial bearish signal came as a Doji in March. The candle hit a new high but lacks in volume compared to previous sessions. The action that ensued confirmed the bearish potential.

Later, in July (last month), AMD produced a lower high and this is fully confirmed by the biggest bearish session in years, 15-July. This ultra-bearish session is followed by two additional red candles.

The last session that closed, last week, produced a very strong volume breakout; telling us that the bearish move is very, very likely to continue. High probability of additional selling by market participants.

Knowing all this, we wonder, where is the main support for this corrective wave?

👉 Based on past history and Fibonacci proportions, the target for this bearish wave sits around the price range of 96 and 85.

Thank you for reading.

Namaste.