AMD Watching a slight retrace tomorrow for an entry.
We are above the 50 MA and if that support holds we can revisit where the Swing high a few weeks ago closed the gap.
This is the first area of resistance short term is $21 then 23.50 and then to $25.
If we open below 19.85 adn the overall futures market is week, AMD could pull back to support at $19 then bounce or break support for a move t new lows.
The devils advocate on this trade would be for this to be a Head and shoulders continuation and this consolidated zone is setting up the next move down.
Facebook trade set up live trade room
If Facebook pulls back to Fridays high we are going to watch for the red to green reversal for a break of today’s high.
We have a few conflicting patterns. If this consolidated zone with a Head and Shoulders is a continuation pattern this might break under the 200MA and then head for more lows.
The bullish side of this trade is looking for a red to green move off the open with an open above 19.77. This is the 50MA support, if it holds, then we could see a push into the right side consolidation zone. Is this double bottom and the closing of the July gap enough to break the bearish trend line? We shall see.
The Pennant is almost directly in the middle and might hold depending on the open tomorrow.
What is interesting here is that the death cross did not occur with this move down.
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