Stock Analysis: Today’s Best Swing Trade Idea for August 7, 2024 – Advanced Micro Devices (AMD).
Trade Details: On Tuesday, August 6, 2024, Advanced Micro Devices (AMD) stock Price closed at $130.18. The weekly time frame chart shows AMD trading in a strong bullish trend, consistently creating higher highs and higher lows. The current stock price collected stop losses around the $165 level and is now attempting to retrace to the demand zone below. The daily time frame indicates a shift from a buy trend to a sell trend. Therefore, we expect the price to drop to the demand zone in the coming weeks.
Note: If the price breaks and closes above $189, this bearish setup is invalid.
Sell Swing Trade Idea:-
Sell Entry Range: $160-$172
Stop Loss: $185
Target: $108
Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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