AMD closes within prior day's range

Advanced Micro Devices Inc. (AMD) Technical Analysis Report for Jul 10, 2020 | by Techniquant Editorial Team


AMD breaks below key technical support level
AMD closes within previous day's range


AMD finished the week 6.76% higher at 55.88 after losing $1.38 (-2.41%) today, significantly underperforming the S&P 500 (1.05%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (AMD as at Jul 10, 2020):

Daily technical analysis candlestick chart for Advanced Micro Devices Inc. (AMD) as at Jul 10, 2020

Friday's trading range has been $2.64 (4.59%), that's above the last trading month's daily average range of $2.02. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMD.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 2nd, AMD actually gained 2.03% on the following trading day.

Prices broke below the key technical support level at 56.58 (now R1), which is likely to act as resistance going forward.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 53.47.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

With prices trading close to this year's high at 59.27, upside momentum could speed up should the stock be able to break out to new highs for the year. Further buying might move prices higher should the market test June's close-by high at 59.00.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Advanced Micro. Out of 499 times, AMD closed higher 51.30% 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 57.31% with an average market move of 1.52%.

Market Conditions for AMD as at Jul 10, 2020

Loading Market Conditions for AMD (Advanced Micro Devices Inc.)...
Latest Report:

AMD rises to highest close ever

Aug 05, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Advanced Micro Devices Inc. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!