AMD breaks below prior session low


Advanced Micro Devices Inc (AMD) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
AMD dominated by bears dragging the market lower throughout the day
AMD ends the day on a bearish note closing near the low of the day
AMD breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

AMD finished the week -0.55% lower at 16.27 after losing $0.29 (-1.75%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 16.38, the share confirms its breakout through the prior session's low having traded $0.16 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AMD
Volatility

Friday's trading range was $0.47 (2.82%), that's below last trading month's daily average range of $0.68. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Price Action

Even with a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 16.79 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 16.02 where further sell stops could get triggered. With prices trading close to this year's high at 17.34, upside momentum might speed up should the stock be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Advanced Micro Devices Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
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