AMD Inverted H&S (4H)
AMD on the 4 hour chart is creating a possible head and shoulders pattern at a demand/support zone (Blue zone).
Additional confluences:
- Falling wedge at a key support/demand zone
- RSI bullish divergence (Illustrated by blue slanted lines.)
- MACD histogram bullish divergence (Illustrated by blue slanted lines.)
- 4H candles creating a double bottom at the base of falling wedge
Swing Idea: I will watch for price to move above the next resistance at the yellow zone between ($101.46 - $101.72). Creating a higher high than higher low before holding above the yellow zone. This move is Illustrated by the solid black line with the arrow. Being that this is an inverted head and shoulders pattern, I am looking to swing to the neckline which is located at the next major resistance at the red zone above between ($111.09 - $111.77). Stop loss is daily timeframe candle close below $99.07.
TARGETS: $104.67, $106.93, $109.85
STOP LOSS: $99.07
CAUTION: AMD has earnings reporting on October 31st so this will either destroy this trade or put us deep in profit.
Additional confluences:
- Falling wedge at a key support/demand zone
- RSI bullish divergence (Illustrated by blue slanted lines.)
- MACD histogram bullish divergence (Illustrated by blue slanted lines.)
- 4H candles creating a double bottom at the base of falling wedge
Swing Idea: I will watch for price to move above the next resistance at the yellow zone between ($101.46 - $101.72). Creating a higher high than higher low before holding above the yellow zone. This move is Illustrated by the solid black line with the arrow. Being that this is an inverted head and shoulders pattern, I am looking to swing to the neckline which is located at the next major resistance at the red zone above between ($111.09 - $111.77). Stop loss is daily timeframe candle close below $99.07.
TARGETS: $104.67, $106.93, $109.85
STOP LOSS: $99.07
CAUTION: AMD has earnings reporting on October 31st so this will either destroy this trade or put us deep in profit.
Dennis Butler Jr.
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