Looking at AMD for potential long position. Previous times playing downward channels AMD usually breaks out of the channel on the 4th retest of bottom part of channel.
Could Enter on 3rd test with tight stop and early scales marked in orange.
With recent hawkish Fed on 12/18, we may see more downside (a 4th test) before a breakout from the channel.
Semis down on rumors that Biden administration will be cutting down on chip exports to China.
Last time this occurred, semis shrugged it off in coming weeks.
Hoping for bounce at this multi-tested low. Tight stop, as confirmation of double-top formation could send the stock down to $105 levels.
AAPL Weekly Chart Analysis: Working it's way up within an upward channel. Pretty clear resistance at $180. Support around $149.50 - $155. Consider PUTS in the short term.. Daily Chart producing BEARISH candles confirming pullback.
Not financial advice. Just a drawing.
