Friday's news of Intel's lower than expected sales expectations for Q1, put the brakes on semis. AMD, Intel's main competitor, was hit hard. By the end of the trading day it had carved out a bearish engulfing pattern on very high volume. If AMD breaches support at $38.50 on a closing basis, it could signal a pullback to the 50 day MA around $37.00 or back to its bullish gap support at $35.00. Despite this potential setback, AMD is well positioned to retest its recent highs in the near term.
Monday, March 06, 2006
AMD - Bearish Engulfing Pattern on High Volume
Friday's news of Intel's lower than expected sales expectations for Q1, put the brakes on semis. AMD, Intel's main competitor, was hit hard. By the end of the trading day it had carved out a bearish engulfing pattern on very high volume. If AMD breaches support at $38.50 on a closing basis, it could signal a pullback to the 50 day MA around $37.00 or back to its bullish gap support at $35.00. Despite this potential setback, AMD is well positioned to retest its recent highs in the near term.
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