AMD is Ready to Run
Advanced Micro (AMD) shares starting to clear a downtrend today from the August highs with momentum turning and setting up for a nice run higher. VWAP from the recent highs is just above at $108 and above has room to $111.50 and then a low volume gap at $116.25. AMD has been in a strong trend since May and the recent pullback held the weekly breakout zone at $100. A bigger continuation of the trend higher has room to $135-$140. AMD has seen a lot of bullish flow lately including buyers this week in the October 22nd (W) $103 and $104 calls while the Jan. 2023 and Jan. 2024 puts being sold to open in size. The December $120/$105 bull risk reversal was bought 15,000X in mid-September and remains in OI.