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July 30th, 2019: AMD & GILD 4-hr Chart Pre-Earnings

Posted by pugsma on July 30, 2019

2:00 pm EST:  I’m looking into if simple pattern charts prior to earnings would be a useful addition to my SP-500 technical analysis services.  My personal use of these types of stock pattern charts prior to earnings is to trade very short term weekly options with a binary outcome.

AMD will report earnings after the close (ATC) on Tuesday, July 30th.   AMD price has been in a well defined uptrend off the December 2018 low at $16.03.    The recent early June 2019 price high of $34.30 matched the September 2018 high of $34.14.   Since early June the AMD price held the uptrend channel at $28.94 and then rallied to $34.86.   What appears to be a small bullish ascending triangle patter has formed in July that has a price target of $37.30 or about an 10% gain from the pre-earnings price of $33.62.   Typically for a triangle pattern in a well defined uptrend the price will break in the direction of the trend (up).    However, on a break below $32.42 the downside risk is at $29.98 and lower trend line.

AMD 4-hr chart:

AMD Technical Analysis

GILD looks like a possible bull flag formation within a larger triangle.   A bull flag breakout above $67-$68 should lead to a move up to a $75.28 target.

GILD 4-hr Chart:

GILD Technical Analysis

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