AMD: Near the 2 month Support. Strong Buy.

AMD is bearish on its 1D technical outlook (RSI = 39.240, MACD = -3.040, ADX = 37.221) as it got heavily rejected on the 1D MA50 last week. Nonetheless, it is close not only to completing the -28.56% decline, which is the maximum fall it has had since the October 13th 2022 bottom, but also near the S1 level (162.00), which is February's low. The chart shows that every time AMD had dropped under the 1D MA50 while on this multi year Channel Up, it was a strong buy opportunity. Only in August it kept falling, but not aggressively until it found support on the 1W MA50.

Consequently, we treat this as a effective buy entry, aiming for a +61.60% increase at least (TP = 260.00), like the October - December 2023 rebound.

See how our prior idea has worked out:


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