Stock Markets Analysis and Opinion

Advanced Micro Devices Stock Attempts Huge Fibonacci Breakout

2024.02.02 04:20

Chris Kimble

Semiconductor shares have been main expertise shares larger. And at the moment’s Semi inventory has been pink scorching: Advanced Micro Devices (NASDAQ:)

As you possibly can see on the “monthly” chart beneath, AMD has been ripping larger in latest months.

AMD-Monthly Chart

But it’s essential to notice the shaded areas. The blue shade highlights costs from the 2000 dot-com excessive to the 2009 monetary disaster low.

This could be the 0 to 100% blue shade space for Applied Fibonacci functions. The inexperienced shade space highlights costs all the way in which as much as the 161% Fibonacci line.

Note that that is the place the value stopped on a dime in late 2021 – at (1) – earlier than retesting the 100% breakout stage.

Well, the newest rally has taken AMD again to the 161% Fibonacci stage at (1) and the inventory is trying to interrupt out above the 161% stage.

Will we see follow-through shopping for for a decisive breakout? Or will the value pull again and create a double prime for this market chief?

In my humble opinion, it’s form of a “Big Deal” that occurs to this red-hot semiconductor inventory at (1).

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