Trouble Ahead for AMD?
As we can see, an ascending wedge pattern has clearly formed on the AMD 1 YR chart. This means we could be in for some bearish movement going forward.
After having traded in a tight range between $89-$99 for over a month now and constantly getting rejected at the $99 level, it is hard to say we might breakout over $100 after the next earnings report which is to be released on the 26th of this month.
Fundamentally, the company could give out some great news and a stellar earnings report, but I would ask for you to trade this cautiously considering the technical analysis shows otherwise.
That being said, if you are bullish;
BTO Feb 5th $97 Call ($6.13) (Do not hold into earnings, I say this with experience, unless you want to gamble)
But if you're bearish;
BTO Feb 5th $90 Put ($3.7)
Good luck trading!
After having traded in a tight range between $89-$99 for over a month now and constantly getting rejected at the $99 level, it is hard to say we might breakout over $100 after the next earnings report which is to be released on the 26th of this month.
Fundamentally, the company could give out some great news and a stellar earnings report, but I would ask for you to trade this cautiously considering the technical analysis shows otherwise.
That being said, if you are bullish;
BTO Feb 5th $97 Call ($6.13) (Do not hold into earnings, I say this with experience, unless you want to gamble)
But if you're bearish;
BTO Feb 5th $90 Put ($3.7)
Good luck trading!
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