The bearish DailyPlay we chose for Tuesday, May 1st is Advanced Micro Devices (AMD). AMD is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 0.06% move lower and its 1m and 6m trend have turned neutral and bearish on 4/20 while breaking below its $70 support level.
Advanced Micro Device’s 1m and 6m trends turned bearish on 3/9 while breaking below its $11.50 support level which now turns into resistance. With a technical score of 5 (out of 10), AMD is a neutral stock that is starting to trend lower.
As a stop loss, if AMD was to trade above $11.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.