Past performance is not a reliable indicator of future performance
The technical chart of Advanced Micro Devices (NASDAQ: AMD) suggests that the share price may rebound soon after being range-bound since June 2019.
- The bullish hammer candlestick pattern managed to close above the 88.6% retracement level from 35.38-27.65 and 200SMA. In addition, Friday’s candlestick managed to stay above the 88.6% and high of the hammer.
- There is a potential double bottom formation with the bullish hammer rejecting the support level at 27.61.
- There is a falling wedge formation, which signals a potential bullish movement upwards.
- The %K and %D lines crossed in the oversold region of the stochastic oscillator.
Red line = 200 SMA
Blue line = 50 SMA
Green line = 22 SMA