The bearish DailyPlay we chose for Wednesday August 30th is Advanced Micro Devices (AMD). AMD is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 1.57% move higher and its 1m and 6m trend remains bullish but has formed a triple top at $58 resistance.
Advanced Micro Devices’s 1m and 6m trends turned bearish on 8/16 and just bounced lower off its $13 resistance level. With a technical score of 2 (out of 10), AMD is a strong bearish stock that is likely to continue lower.
As a stop loss, if AMD was to trade above $13 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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