AMD closes lower for the 3rd day in a row
Advanced Micro Devices Inc. (AMD) Technical Analysis Report for Sep 10, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, AMD ended Tuesday at 30.23 losing $0.27 (-0.89%), underperforming the S&P 500 (0.03%). Trading up to $0.45 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on August 22nd, AMD actually lost -7.40% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AMD as at Sep 10, 2019):
Tuesday's trading range has been $0.61 (2.02%), that's far below the last trading month's daily average range of $1.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for AMD.
Three candlestick patterns are matching today's price action, the Southern Doji and the Takuri Line which are both known as bullish patterns and one neutral pattern, the Doji.
Prices are trading close to the key technical resistance level at 30.68 (R1).
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for Advanced Micro. Out of 49 times, AMD closed higher 61.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.06% with an average market move of 1.92%.