AMD channel breakout

20 Feb 2021

AMD has been trading in a downward channel since the beginning of this year, with a small break above the channel earlier this month. It is currently trading at a support line that has been tested several times since mid-December 2020, at the top of the current channel. Looking toward the next week or two, AMD could continue the channel pattern down into the low 80's or it could break back out of the channel and move higher back into the mid to high-90's. Strong earnings and growth reported earlier this month suggest the latter to be the more likely outcome. Key support and resistances have been marked by the dotted horizontal lines on the chart.