AMD: This is the most important support level!

Hello traders and investors! Let’s see how AMD is doing today!

First, in the 1h chart, it is very bearish, and we don’t see any bullish sign on it yet. We are doing lower highs/lows, and we are trading under the 21 ema.

The most important resistance in the short-term is the $ 106 area, as it was the previous support level, and it is where the 21 ema is trading right now. If AMD wants to turn bullish again, this is the first resistance to break.



In the daily chart we don’t see any bullish candlestick/chart pattern as well, however, it is close to the support level at $ 99, which is a quite important one. If we look at the weekly chart, we can see it better.



The $ 99 area was a top level in January 2021, and it worked as a support level multiple times since then. It won’t be easy for AMD to lose this level.

The volume is increasing, which is interesting, and any bullish reaction could be an excuse to buy, as the R/R ratio makes a lot of sense. If it triggers a bullish sign, the gap at $ 118 (1h and D charts) would be our next target.

Let’s pay attention to this support level! I’ll keep you guys updated on this, so, remember to follow me to not miss any of my future analyses!