Advanced Micro Devices stock price down 0.250% on Wednesday

StockInvest.us, 2 weeks ago

Advanced Micro Devices

The Advanced Micro Devices stock price fell by -0.250% on the last day (Wednesday, 3rd Jul 2024) from $164.31 to $163.90. During the last trading day the stock fluctuated 1.69% from a day low at $162.51 to a day high of $165.25. The price has fallen in 5 of the last 10 days but is still up by 5.99% over the past 2 weeks. 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 -29 million shares and in total, 27 million shares were bought and sold for approximately $4.40 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 $148.07 and $175.08 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

The Advanced Micro Devices stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $160.77 and $162.25. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 5.99%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $161.78 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 $2.74 (1.69%) between high and low. For the last week, the stock has had daily average volatility of 3.72%.

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.

Check full Advanced Micro Devices forecast and analysis here.