It's pretty obvious what's happening here. Relatively low volume and overall negative sentiment in the economy; continued rate hikes and poor earnings performance - just imagine what the earnings will be next quarter when the recession really hits people. The canary in the coal mine is the housing market and the historic levels of consumer credit card debt; who's going to have disposable income for electronics other than larger companies? A great deal of AMD's revenue comes from consumer sales; not merely data centers and large corporations.
From a chart perspective, $35/37 is where I think we will feel 'max pain' - I think this is the best area to long. It might touch $30 but it's hard to imagine it going much lower - $24-28 is my absolute lowest target but highly unlikely.
We're currently in a bearish formation and in an ascending channel which is bearish. The 2nd leg of the drop would take us right down to that $35/37 level, which was the previous resistance before it had its major bull run to $160 - it would be very fitting for it to consolidate there.
Also something to consider; a Black Swan event in regards to a Taiwan invasion would send this thing even lower.
From a chart perspective, $35/37 is where I think we will feel 'max pain' - I think this is the best area to long. It might touch $30 but it's hard to imagine it going much lower - $24-28 is my absolute lowest target but highly unlikely.
We're currently in a bearish formation and in an ascending channel which is bearish. The 2nd leg of the drop would take us right down to that $35/37 level, which was the previous resistance before it had its major bull run to $160 - it would be very fitting for it to consolidate there.
Also something to consider; a Black Swan event in regards to a Taiwan invasion would send this thing even lower.