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Advanced Micro Devices stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.

StockInvest.us, 2 weeks ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 0.367% on the last trading day (Thursday, 6th Jun 2024), rising from $166.17 to $166.78. During the last trading day the stock fluctuated 3.45% from a day low at $163.86 to a day high of $169.51. The price has risen in 6 of the last 10 days and is up by 0.76% over the past 2 weeks. Volume fell on the last day by -13 million shares and in total, 47 million shares were bought and sold for approximately $7.84 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Jun 04, 2024, it was reported that Cowen & Co. gave AMD a "Buy" grade with a "hold" action.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -16.70% during the next 3 months and, with a 90% probability hold a price between $108.51 and $146.68 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Advanced Micro Devices

The Advanced Micro Devices stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $165.04 and $158.11. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 15.60%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Advanced Micro Devices finds support from accumulated volume at $165.83 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.65 between high and low, or 3.45%. For the last week, the stock has had daily average volatility of 4.59%.

Advanced Micro Devices holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Check full Advanced Micro Devices forecast and analysis here.