AMD breaks below prior session low
Advanced Micro Devices Inc (AMD) Technical Analysis Report for Jul 13, 2018
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.
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.
Even with a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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