The Long Investor

$AMD TOP 20 UPDATE

Added 2023-08-01 20:47:30 +0000 UTC

$AMD have just released their earnings report and it was a slight beat, by the finest of margins. EPS was beat by $0.01 and Revenue of $5.36 Billion beats by $40 million.

It reacted positive to this news and then their CFO announced that $AMD forecasts third-quarter revenue to be below estimates.

For a Semi company to declare this statement right now, it is certainly sending mixed signals.

Nevertheless, we will see if there is a flush at the opening tomorrow but for now, we can see that a wedge has formed over the last 2 weeks and the price has broken to the upside for now but held at the 0.618 Fib (in white) at $122.97 in AH, which was the high of Wave B in this impulse wave.

So there is still more work to be done here.

If the price action can stay above the wedge line tomorrow, which is at $121, it will show some strength and Wave C could be complete.

The AH price action is cooling down a little bit now, so ideally a flush out of sellers and a stoss loss raid tomorrow would be ideal and we could get this at a lower price. Otherwise, we will wait and see if this can hold above the wedge line, above $121.