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Green day on Monday for Advanced Micro Devices, 1 month ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 1.34% on the last trading day (Monday, 4th Mar 2024), rising from $202.64 to $205.36. 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 3.69% from a day low at $203.50 to a day high of $211.01. The price has been going up and down for this period, and there has been a 18.11% gain for the last 2 weeks. Volume fell on the last day by -17 million shares and in total, 86 million shares were bought and sold for approximately $17.70 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 Mar 04, 2024, it was reported that Barclays gave AMD a "Overweight" grade with a "hold" action.

The stock lies in the upper part of a wide and strong 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 $207.58 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 43.45% during the next 3 months and, with a 90% probability hold a price between $247.71 and $297.78 at the end of this 3-month period.

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 $186.80 and $173.93. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 21, 2024, and so far it has risen 25.00%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $174.23 and $167.69.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 $174.23. If this is broken, then the next support from accumulated volume will be at $167.69 and $162.67.

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 $7.51 between high and low, or 3.69%. For the last week, the stock has had daily average volatility of 4.02%.

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.