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Advanced Micro Devices Stock Attempts Huge Fibonacci Breakout

Published 02/02/2024, 08:04
Updated 09/07/2023, 11:31

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.

AMD-Monthly Chart

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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