🧵🚨 As requested, a thread on my outlook and thoughts on $AMD - Based on my TA and added support from @unusual_whales flow 🐋
It's been a wild ride for the semiconductors lately so let's jump right into it.
(1/19) First and foremost I want to provide you guys with the current levels I have on my chart for $AMD. I attached a screenshot below of the 1h chart.
(2/19) Key Levels to the upside - From where we closed today.
121.22
123.46
127.33
Downside:
117.66
114.00
111.55
109.82
(3/19) Here is another view of my 4h and 30m $AMD chart to put things into perspective
(4/19) A common theme that I like to see on every ticker/chart is the idea of a previous support level turning to new resistance and a previous resistance level turning to the new support. I will say, with the current levels I've identified, $AMD is following this "idea".
(5/19) To get a better understanding of the chart, levels, price action, etc. Let's jump back a few weeks ago to March 16th
(6/19)On March 16th we gapped up over $2 to 111.60.
Later that day during the afternoon session $AMD knifed and found support at the bottom of the gap, 109.82, (basically filling it) then bounced to new highs in power hour closing at 115.37
(7/19) I was intrigued to see that the next day we came down to test that 109.82 level and held very nicely indicating to me that the bottom of that gap is a strong support level.
(8/19) 114 Level
Volume shelf - This basically tells me that most of the volume occurred at this level. Tends to act as support/resistance
(9/19) This is a 15m chart from last week showing the price action at and around 114.
(10/19) While bouncing off the 114 level we also rejected 117.66 three days in a row. On the 24th after finally breaking this resistance level, we see it turn to new support before ripping into new highs on the 25th
(11/19) Demand Zone - Lets call it a demand zone from 117.70 - 116.70.
I'm keeping this area on the chart in mind especially due to the downtrend we saw today starting at around 1pm
(12/19) Today after breaking through 121.22 support, I was triggered to add the 117p which was my next level to the downside.
This was a really solid trade being that once we broke through 121.22 it was a freefall into the close before finding intraday support at around 118.60
(13/19) I also want to note I had a supply zone charted on AMD from 123.20 - 125 which we briefly broke through this morning before knifing into close.
(14/19) So what now?
Personally, I am targeting the 117.60 level to the downside. If we get there (unless we gap down below o/n) I would expect a small bounce around that demand zone. 117.70 - 116.70
(15/19) AMD breaks through 117.60 to the downside I think we see 114 very quickly. Break below 114, 111.53 is my target.
To the upside: 121.22, 123.45, 126. Over 126 is a clear breakout sign to me setting up a 130 test.
(16/19) UW analysis 🐋
Hot Chains & Tickers
$AMD - 6th largest call volume, 9th largest put volume
(17/19) $AMD targeted expiration dates:
Bullish & Bearish: 9/16/2022 (30k min premium)
$AMD targeted strikes:
Bullish & Bearish: 110 (30k min premium)
(18/19)
4/1/2022 125c are 🔥
4/1/2022 120p are 🔥
*Based on volume*
(19/19) I hope you guys enjoyed the thread. Going to be doing this type of analysis on a ticker of your guys' choice a few times a week so stay tuned! Let me know what you think.
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