Advanced Micro Devices (AMD) has long been a favorite among momentum traders, but its weekly chart is sending a clear message for long-term investors as well: the stock is following a familiar script — and the setup looks bullish.
Looking at the bigger picture, AMD has repeatedly moved within downward-sloping channels — classic channel-down formations that have historically resolved with strong breakouts to the upside. This pattern has played out three times already, and each time, the breakout triggered a sustained multi-week rally.
The most recent breakout didn’t just hold — it powered through a key orange horizontal resistance level, confirming bullish strength and setting the tone for higher prices.
Now, after that strong move, we’re seeing two weeks of healthy bearish correction. But rather than a reason to worry, this looks like a textbook pullback opportunity — a chance for long-term bulls to re-engage with the trend at better levels.
As long as AMD holds above the broken resistance (now turned support), the technical structure remains bullish. History doesn’t always repeat exactly, but on this chart, it’s rhyming clearly — and long-term investors may want to pay attention.