Most semiconductor stocks had a nice rebound and buying volume in the last week. This nice rebound came on the heels of rumors "over supply". This is a quick hits article that will take a look at the charts for AMD, INTC, MU & NVDA.
AMD, INTC, MU & NVDA
I will review these 4 different stocks in the semi-conductor industry and see if the gains from last week can be extrapolated across the industry or if the stocks were acting independently with their movements.
Advanced Micro Devices (AMD)
I posted a chart for Advanced Micro Devices (AMD) in the Idea Chamber earlier this week. That chart suggested a new uptrend was in place. When I step back to look at AMD's chart from a long-term perspective on this 20 year monthly candlestick chart, I see a Flag chart pattern that has developed over the last 3 years. Could AMD's new uptrend be the start of a much larger move and breakout from the Flag pattern? It very well could be and appears to be.
A breakout from a Flag pattern typically involves a move similar to the uptrend that precedes the Flag. I placed a Fibonacci Extension Tool on the uptrend that precedes the Flag pattern to measure AMD's potential breakout.
The 100% and 161.8% Target Lines from the Fibonacci Extension Tool would be the price objectives for the current breakout. The 161.8% Target Line is just slightly above the long-term resistance trendline for AMD. These price objectives would be approximately 2 years out from today.
Intel Corporation (INTC)
Intel Corporation (INTC) reported earnings April 26, 2018. It beat general estimates for earnings. This 2 year weekly candlestick chart for INTC suggests a price target of….
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I review the long-term and short-term charts for the companies to determine the possibility of a continued breakout for not only the individual companies but the sector as a whole.
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