3/5/2017 – Quick Hits Micro-Chip Edition – AMD, HIMX, MU & NVDA
AMD, HIMX, MU & NVDA
I had a little bit of client work this weekend (yay!) as well as helping a few relatives prepare their tax returns. Funny how all my relatives remember that I'm a CPA around tax time....
This quick hits update will focus on the chip stocks that I've covered in previous articles or updates. Those stocks are Advanced Micro Devices, Himax Technologies, Micron Technologies and nVidia Corporation (AMD, HIMX, MU & NVDA respectively).
For each of these companies, I will review a bullish and bearish scenario for its share price. I will then provide indicators to watch for to help determine which scenario might be playing out.
I may even provide more than one chart to make sure the perspectives are clear. If you do have any questions though, please ask below or in the Idea Chamber! Let's get started with the overview of the different chip and processor companies.
Advanced Micro Devices (AMD)
This is a 2 year weekly chart for Advanced Micro Devices (AMD). The 161.8% Target Line, or the Golden Ratio for its current uptrend was just missed. AMD is shaping up to develop a bearish candlestick pattern on this weekly chart unless its share price can close upwards of 8% or more tomorrow. Tomorrow being a Friday is the last day for a weekly candlestick pattern and the final shape.
If you followed the insight from this previous article "2/8/2017 – Advanced Micro Devices (AMD) – One That Got Away", you most likely sold some shares above the $15 area.
Whether or not AMD has one more push upwards is irrelevant at this time. What is relevant is to wait for a pullback to the $12 area or slightly below and look to repurchase any sold shares.
This would only be a scale-in purchase, not an all-in purchase. And only make that purchase if the selling volume is decreasing as it approaches the supporting trendline.
Any repurchased shares would then be held on a re-test of the previous high of $15.55. Once the break above $15.55 takes place, it becomes important to….
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