Advanced Micro Devices stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.

StockInvest.us, 1 week ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 4.88% on the last trading day (Friday, 5th Jul 2024), rising from $163.90 to $171.90. During the last trading day the stock fluctuated 5.05% from a day low at $165.68 to a day high of $174.04. The price has fallen in 5 of the last 10 days but is still up by 6.26% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 33 million more shares were traded than the day before. In total, 60 million shares were bought and sold for approximately $10.28 billion.

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

The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $173.84 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 3.11% during the next 3 months and, with a 90% probability hold a price between $152.65 and $179.25 at the end of this 3-month period.

Advanced Micro Devices

Mostly positive signals in the chart today. 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 $162.43 and $162.78. 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 11.17%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $161.78 and $160.43.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Advanced Micro Devices finds support just below today's level at $161.78. If this is broken, then the next support from accumulated volume will be at $160.43 and $144.27.

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 $8.36 (5.05%) between high and low. For the last week, the stock has had daily average volatility of 4.26%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Advanced Micro Devices stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Advanced Micro Devices forecast and analysis here.