AMD bullish crossover pattern formed, why am I not rushing to chase the rally

The technical chart of AMD this wave is actually clearer than NVDA. The current stock price is around $548, showing a typical bullish but overbought pattern. The 50-day moving average is currently at $500, far above the 200-day moving average at about $382, confirming a strong golden cross. After the daily chart forms a golden cross, it has not yet ended, and the mid-term moving averages continue to rise, indicating that institutional funds are gradually accumulating in the trend. But the details cannot be ignored — RSI is about 76.9, clearly in the overbought zone, suggesting that the stock price may experience a short-term pullback before the next rally.

On the candlestick details, the MACD line remains above the signal line, supporting bullish momentum, but traders should watch for potential bearish divergence signs. Once a new high is reached but momentum slows, it’s a warning.

The key support level starts at $486, which is the lowest point of the recent pullback, followed by the $467–$450 zone where the 50-day moving average overlaps as support. Resistance is around $527, with larger resistance concentrated at $540–$550, where there have been multiple sell-offs. If a volume breakout occurs above $550, it could target the next zone at $580–$600.

My strategy: I hold AMD, but now is not the time to add. I will consider entering in batches after RSI drops back to 60–65, or after a rebound and stabilization around the $486–$500 support zone. Forcing a chase will only lead to being passive during short-term corrections.

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