Bearish DailyPlay for Tuesday May 1st, 2018 – Advanced Micro Devices (AMD)
The bearish DailyPlay we chose for Tuesday, May 1st is Advanced Micro Devices (AMD). AMD is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 0.06% move lower and its 1m and 6m trend have turned neutral and bearish on 4/20 while breaking below its $70 support level.
Advanced Micro Device’s 1m and 6m trends turned bearish on 3/9 while breaking below its $11.50 support level which now turns into resistance. With a technical score of 5 (out of 10), AMD is a neutral stock that is starting to trend lower.
As a stop loss, if AMD was to trade above $11.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.