Bearish DailyPlay for Wednesday August 30th, 2017 – Advanced Micro Devices (AMD)
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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