Large cap technology stocks have been bull market leaders, pushing the stock market higher into 2020. One of those leaders has been Advanced Micro Devices NYSE: AMD.
But investors were not impressed with Advanced Micro Devices (AMD) financial outlook this week and sent the stock lower.
This isn’t good news for stock market bulls… at least as of right now.
Looking at the “monthly” chart of AMD below, we can see that this move lower is coming after testing breakout price resistance (at old highs). And this turn lower may be contributing to a bearish reversal pattern.
Stock market bulls hope that AMD breaks out here, not tops!
There’s plenty of time left for bulls to defend this price reversal and send the stock to new highs. But investors need to stay tuned!