07.08.202319:13 Forex Analysis & Reviews: Triangle pattern formed by AMD stock price for August 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Black lines- triangle pattern

AMD stock price is trading around $117. Price is forming lower highs but the lows continue to respect the $107 level. Price has formed a descending triangle pattern. Price is now challenging the upper triangle boundary. AMD stock price has resistance at $118.80 and support at $107. There is still room for sideways movement inside the triangle pattern until the end of the month. If however price breaks below $107 we should expect more selling pressures to push price towards $90. If resistance at $118.80 is broken, we should at least expect a challenge of the highs at $132. With price just below the resistance of $118.80, at current levels we prefer to be bearish because chances of a rejection are high. We remain bearish as long as price is below $118.80.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.