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:
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:
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