Advanced Micro Devices stock upgraded to Strong Buy Candidate.StockInvest.us, 1 month ago
The Advanced Micro Devices stock price gained 1.56% on the last trading day (Thursday, 18th Jan 2024), rising from $160.17 to $162.67. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.55% from a day low at $158.23 to a day high of $168.60. The price has risen in 7 of the last 10 days and is up by 20.21% 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, 27 million more shares were traded than the day before. In total, 131 million shares were bought and sold for approximately $21.30 billion.
On Jan 08, 2024, it was reported that Wedbush gave AMD a "Buy" grade with a "hold" action.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $160.87, a level that may pose a second chance to hit a runner. According to fan-theory $178.84 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $153.42 and $138.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, January 03, 2024, and so far it has risen 20.21%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $138.58 and $137.61.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 $138.58. If this is broken, then the next support from accumulated volume will be at $137.61 and $128.37.
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 $10.37 between high and low, or 6.55%. For the last week, the stock has had daily average volatility of 4.86%.
Advanced Micro Devices holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.Check full Advanced Micro Devices forecast and analysis here.