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Chart of the Day: Is This Chip Stock Rolling Over?

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Advanced Micro Devices has bounced sharply from its early-July lows, but some patterns could be pointing lower for the chip stock.

The first pattern on today’s chart is the descending parallel channel that’s been in effect most of the year. AMD’s latest highs represented a failure at the top of the channel, which could make some traders think prices will revisit the lower band.

Next is the price zone around …

For more, please click here to view the related idea and chart analysis on TradingView.

Advanced Micro Devices (AMD), daily chart with selected patterns and indicators, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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