Advanced Micro: More Fatigue in the AI Space?
Semiconductors showed signs of stalling last week, and Advanced Micro Devices might have confirmed a potentially bearish pattern.
Today’s chart highlights the big price swing on March 8, which featured a record high and then a close below the previous session's lows. The resulting candle was both a “shooting star” and a bearish engulfing bar.
AMD proceeded to remain below that candle all of yesterday. That may confirm the potentially bearish patterns.
Next, stochastics are dipping from an overbought condition.
Third, AMD was 66 percent above its 200-day simple moving average last week. (See our “Distance from MA” custom script in the lower study.) That was the highest reading since September 2020. Is a pause needed after such a move?
Finally, traders may watch two previous weekly lows for potential support: $172.49 from February 27 and $161.81 from February 21.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
Today’s chart highlights the big price swing on March 8, which featured a record high and then a close below the previous session's lows. The resulting candle was both a “shooting star” and a bearish engulfing bar.
AMD proceeded to remain below that candle all of yesterday. That may confirm the potentially bearish patterns.
Next, stochastics are dipping from an overbought condition.
Third, AMD was 66 percent above its 200-day simple moving average last week. (See our “Distance from MA” custom script in the lower study.) That was the highest reading since September 2020. Is a pause needed after such a move?
Finally, traders may watch two previous weekly lows for potential support: $172.49 from February 27 and $161.81 from February 21.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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