AMD, BABA, X update 4/7

AMD: We’ve been openly and publically bearish about this ticker since late-March (see our tweets here) and the past 2 days have so far confirmed our POV as AMD dropped now below it’s 50d SMA. This is the first time since November last year and thus significant. We continue to view AMD as having peaked for Primary I. Primary II should be around $8.50-$6.50. All TIs are pointing down, wanting to see lower prices.

amd

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BABA: ugly advance off the february low, which is hard to stomach for even the most stoic of traders, but up is up and price remains in the black uptrend channel. as long as it does that the trend is up. our $113-$118 target for major 3 remains. nothing has changed that, not even 2-3% daily swings. The TIs are starting to point back up, so that’s good for price.

baba

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X: we really like this stock as it’s behaving so well: following the wave and Fibonacci retraces and extensions script to the T. It recently bottomed right at the lower end of our major 4 box (38.2% retrace of all of major 3). and today’s candle is very constructive and a nice follow through after yesterday’s bullish reversal (hammer) candle. Our $54 target remains for this ticker. A break over last week’s high: $34.77 will really solidify our count. the TIs are starting to point back up, with almost buy signals on the MACD and A.I.; constructive in other terms.

x