(MENAFN- Daily Forex)

• The action early on Thursday suggests a near-term pullback could offer a buying opportunity.
• There is support around $200 and $240, upcoming earnings expectations, and broader market influences such as Federal Reserve policy.

AMD looks like it is going to open a little softer on Thursday, but quite frankly, I think this will end up being a buying opportunity sooner or later. The $200 level is an area that I would anticipate seeing quite a bit of support, right along with the 50-day EMA. Anything below there, then we start to talk about opening up the possibility of filling the gap all the way down to $169. Although I don't really think that is the most likely course of movement for this market, I think we probably see quite a bit of support near $240.

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I would love to see a little bit of a pullback towards that area, only to bounce a bit. That V pattern, if you will, I think is your signal, and then you, of course, have to follow right along. Keep in mind that AMD has been extraordinarily strong for some time, so again, a little bit of a pullback isn't necessarily the worst case scenario.

We do have an earnings report after the bell on Tuesday. The earnings estimate is $1.17 per share and revenue of $8.75 billion. That is something to keep in mind. Also, we may have a couple of days of malaise, but that malaise may have us pulling back toward that $240 level so we can set up for that earnings cone. So far, earnings have been okay in the tech sector, but you should also keep in mind that the Federal Reserve announcement that the December rate cut isn't necessarily a given could influence sentiment. If that's the case, traders will view it through the possibility of perhaps a tighter monetary policy going forward than anticipated, which, of course, has a major influence on technology.

AMD itself, though, is primed to be one of the better performers. So, I'm looking at those pullbacks as a buying opportunity.

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