Advanced Micro Devices stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.

StockInvest.us, 2 weeks ago

Advanced Micro Devices

The Advanced Micro Devices stock price fell by -2.79% on the last day (Monday, 1st Jul 2024) from $162.21 to $157.69. During the last trading day the stock fluctuated 5.12% from a day low at $153.64 to a day high of $161.51. The price has fallen in 6 of the last 10 days and is down by -1.22% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 million shares and in total, 49 million shares were bought and sold for approximately $7.80 billion.

On Jun 12, 2024, it was reported that Edward Jones gave AMD a "Buy" grade with a "initialise" action.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Advanced Micro Devices stock with a 90% probability to be traded between $141.39 and $168.98 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Advanced Micro Devices

There are few to no technical positive signals at the moment. The Advanced Micro Devices stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $159.81 and $161.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -8.11%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Advanced Micro Devices finds support from accumulated volume at $154.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $7.87 (5.12%) between high and low. For the last week, the stock has had daily average volatility of 3.57%.

Advanced Micro Devices holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Check full Advanced Micro Devices forecast and analysis here.