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Nearest Resistance: $4
Nearest Support: N/A
Catalyst: H-P Sympathy Trade
Advanced Micro Devices(AMD - Get Report) is seeing a similar fate today, shoved lower by the HP earnings release and a big technical break in shares. AMD had been looking promising for the last few weeks, forming the early stages of a tower bottom -- a bullish reversal pattern that shareholders were desperate for.
But the pattern never triggered. Instead, AMD fell through $4 support for the last two straight weeks, making a new 52-week low today.
To be sure, the chip business isn't in the some straits as the PC-making business. That said, until AMD can catch a bid, I'd recommend staying away from this stock.
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-- Written by Jonas Elmerraji in Baltimore.