But at same time is hard not to notice the possible double top. Conservative trading tech analyst would apoint to buy now one part, remaining after breaking previous highs (around 33$).
Im holding out for a dip in the broader markets that will hopefully pull AMD down to a temporary low. Should I be holding my breath?
Weekly candles below. Can't decide if I want to sell off more of my position in AMD soon. It's failed at $33 the last couple times it's tried. My AMD position is ~3x larger than my other plays at this point, so I could still afford to shrink it. It's been by far my best performer over the last few years though, so I'm hesitant to dump it.
^^ Wait and see what happens first, I say. I believe it just might break 33 and 34 this time. It looks healthy to me, just a back-up to the creek and test of the demand-line of the uptrend channel...and last time it was testing both horizontal and diagonal resistance. This time the ceiling already has a hole in it. My P&F counts are showing 45 and 49. Not only that, but I picked it for the July and 3rd-quarter contests. If you want to sell, I'll take the other side of that trade. Daily bars:
Thanks for the input. I'm keeping at least half no matter what, maybe I'll just keep it all if it gets up there on this push forward. We'll see. Makes me feel better about it that you're bullish on it right now. Like I said, it's 3x larger than all of my other positions, so I'm still more heavily invested in it than I probably should be.
Not sure why I feel confident about down into earnings, I guess my biggest fear is that an earnings beat is already priced in and typically when that happens it'll pop before earnings. Down into earnings is just people taking off risk before earnings which is completely justified.
I will probably be dumping half my position heading into earnings to take some risk off the table but also still enjoy some profit if we see a big boost. Haven't decided for sure yet.
earnings in line, bad guidance: Revenue guidance: $1.75B-$1.85B, est. $1.94B down 6% to $32 at this point.
Beyond next quarter, it's not so bad. First 2 quarters of this year: $2.8B revenues -- compared to $3.4B last year's first 2 quarters has been a marked decline. Now next quarter is below estimates but ahead of 3Q18. And for the year AMD is guiding such that they'll actually exceed last year in spite of the slow start to this year. "Mid single digit" growth, so let's say $6.8B for this year after last year's ~$6.5B. AMD is really confident in their new processors.
Just added on at $31.10 after the huge pullback on an overreaction to a minor guidance miss. Expecting a bounce off support of the support line and 50MA.
