AMD tanked on earnings, but one trader says the charts are pointing to a big rally for the chipmaker.
That's according to Ascent Wealth Partners' Todd Gordon after the chipmaker took a dive. Shares came under pressure earlier this week after the company issued bleak revenue guidance in its earnings report on Tuesday. Since then, AMD has fallen 4% and is on pace for its worst week since August.
That leads Gordon to believe that the same levels are now acting as support for the stock and helping it set up for a rebound. Finally, he said, AMD's 50-day moving average is "offering support" at around $44.75, meaning a pullback down to that level would set the chipmaker up for a jump as well.
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