Today’s sell of on the AMD trade was brutal and I am currently underwater on this one. But I am still going to affirm my position unless it breaks the support line around $3.80. Personally, I think this stock is trying to get back to its upward sloping trendline. But I hope it’ll get to the trendline first before it breaks the support line as it will be very discouraging for me.
New lesson that I probably learned from this trade is to be very careful of the Stochastic RSI and the MACD. I bought this stock at overbought levels but I thought the news about Intel’s lost in the anti-competitive case was strong enough to fight the overall bears of the market.
But I guess yesterday’s retail data really hit the market hard and hopes for a near term economic recovery may not be near at all.
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