AMD rallies 4.63% closing $2.33 higher
Advanced Micro Devices Inc. (AMD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AMD ended the month -2.21% lower at 52.61 after surging $2.33 (4.63%) today, significantly outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on June 9th, AMD gained 1.86% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AMD as at Jun 30, 2020):
Tuesday's trading range has been $1.91 (3.73%), that's slightly below the last trading month's daily average range of $2.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AMD.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 100-day moving average at 50.97. Prices are trading close to the key technical resistance level at 53.65 (R1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Advanced Micro. Out of 106 times, AMD closed higher 50.94% 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 58.49% with an average market move of 1.75%.