Swing Trade Idea (AMD) – October 26, 2023
Our bearish trade for Thursday, October 26th is Advanced Micro Devices Inc. (AMD). AMD is part of the Technology Sector, which has performed at -2.63% over the last week, with AMD underperforming at -5.99% over the same period.
AMD broke below a key area of support at $100 and experienced a 4% drop in price yesterday, which indicates that further downside is most likely to be expected. The next area of support is at around $85.
As a close, if AMD were to trade above $100 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves above $7.70