Technical Analysis for AMD 5/10--------Pre-market
CPI came in right on the money which I think is what we've been looking for. Inflation is clearly moderating and the feds actions have worked. We've always known this was going to be a lagging indicator and it appears to be working out. IMHO the only thing keep it high still is the war in Ukraine keeping energy prices higher. If we saw some movement there, then we would see energy prices crash and that would be the beginning of the end very quickly vs this current winddown.
Question is----does the fed feel the same? I dunno but I would say we are in a fairly good spot and they might pause raising rates for a bit. If we can see some movement on the Debt Ceiling and take that risk off the table, then I think we could see this market take off from here.
AMD is approaching very very fast that double top area of $97 and the big question is will we have the momentum to break through. If we do then $100+ prices are there and we will have to see some re-evaluation. Hitting $100 will probably come with some price target upgrades as well since that is where most analysts have us. Whenever you hit the price targets the analysts don't really know what to do next so they just keep telling you higher and higher.'
Earnings overall for the season has been a mixed bag but I'm not sure that really is bringing us down. There does appear to have been a bottom and people are now positioning for the bounce back. I'm still planning to sell some AMD and trim the position bc honestly this is too good of a run to pass up. You will never go poor selling a winner. Dip buying is working out pretty well for AMD honestly! I'm going to keep buying the dip with perhaps a little more conviction bc its paid out well so far this year