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Asset Watch
Tuesday June 11, 2024
For starters, June is the second-worst seasonal month of the year for the S&P 500, so it may be wise to remain vigilant for the next few weeks. Outside of that, AMD is sandwiched between its 20-week moving average near $172 (the yellow line) and price support from its 2021 highs near $164. As a result, a major move could be on the horizon as the bulls and bears battle for short-term supremacy.
If the latter wins out and a breakdown occurs, AMD could find support at its 50-week MA near $140 (the blue line). The stock bounced off the level in May and October 2023 before soaring alongside the AI optimism.
If the bulls prevail, watch for a breakout above the 20-week MA. In October 2023, AMD corrected after hitting the 20-week MA, found support at the 50-week MA, and then broke out. Therefore, while the 20-week MA has been resistance for the last few weeks, the next breakout may be a buying opportunity.
So, will June seasonality cause an AMD correction, or is a rally back toward the 2024 highs the most likely outcome?
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