Advanced Micro Devices Stock Attempts Huge Fibonacci Breakout
Chris Kimble | Feb 02, 2024 18:04
Semiconductor stocks have been leading technology stocks higher. And today’s Semi stock has been red hot: Advanced Micro Devices (NASDAQ:AMD)
As you can see on the “monthly” chart below, AMD has been ripping higher in recent months.
But it’s important to note the shaded areas. The blue shade highlights prices from the 2000 dot-com high to the 2009 financial crisis low.
This would be the 0 to 100% blue shade area for Applied Fibonacci purposes. The green shade area highlights prices all the way up to the 161% Fibonacci line.
Note that this is where the price stopped on a dime in late 2021 – at (1) – before retesting the 100% breakout level.
Well, the latest rally has taken AMD back to the 161% Fibonacci level at (1) and the stock is attempting to break out above the 161% level.
Will we see follow-through buying for a decisive breakout? Or will the price pull back and create a double top for this market leader?
In my humble opinion, it’s kind of a “Big Deal” that happens to this red-hot semiconductor stock at (1).
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