AMD Expressing Tech Weakness?
As anyone with any tech knowledge knows, chips arent going anywhere. They are the future and they are here to stay.
But at the moment AMD is showing us something very interesting, which is it is starting to break 4-year long market structure. As you can see price has respected this channel 6 times as I've marked on the chart.
5 out of 6 of those touches brought strong volume and strong price action.
On this last touch, there was a nice bounce initially with good volume but the price quickly reversed and has since been moving further from the trendline under the 200MA.
The FED policy is going to be the biggest factor going forward. How they plan to combat inflation and how much they actually want to follow through with what they say.
Right now tech is in a situation where it must start gaining momentum soon or trouble could already be at our doorstep.
Only time will tell!
But at the moment AMD is showing us something very interesting, which is it is starting to break 4-year long market structure. As you can see price has respected this channel 6 times as I've marked on the chart.
5 out of 6 of those touches brought strong volume and strong price action.
On this last touch, there was a nice bounce initially with good volume but the price quickly reversed and has since been moving further from the trendline under the 200MA.
The FED policy is going to be the biggest factor going forward. How they plan to combat inflation and how much they actually want to follow through with what they say.
Right now tech is in a situation where it must start gaining momentum soon or trouble could already be at our doorstep.
Only time will tell!