AMD attacks current resistance - Analysis - 15-05-2019

AMD's stock leaned on the support of the 50-day SMA, lending it momentum that helped it rise and tackle the resistance of 27.20, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term (from 34.13 to 16.03), with positive signals from the RSI. 

Therefore we expect more gains for the stock, especially if the resistance of 27.20 was breached, targeting the next one at 29.82, which represents the ratio 78.6% of the same retracement levels. 

Expected trend for today: Bullish