Technical Update - AMD earnings disappoints. Will it reverse the uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
AMD has been trading in a rising channel. RSI above 60 and no divergence indicates there is more upside in the chip producer that released earnings after market yesterday. AMD is indicated to open around $94 as indicated with a dashed line on the chart, i.e. lower than previous day’s close but not enough to reverse the uptrend. To reverse the current uptrend price needs to close below 84.70.
The uptrend could exhaust around strong resistance at around 109.69
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