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On Thursday Advanced Micro Devices stock price gained impressive 5.93%

StockInvest.us, 1 month ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 5.93% on the last trading day (Thursday, 4th Aug 2022), rising from $98.09 to $103.91. During the day the stock fluctuated 7.54% from a day low at $97.26 to a day high of $104.59. The price has risen in 6 of the last 10 days and is up by 14.07% over the past 2 weeks. Volume fell on the last day by -5 million shares and in total, 126 million shares were bought and sold for approximately $13.09 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.

Goldman Sachs is very positive about AMD and gave it a "$99.00 - $112.00" rating on Aug 04, 2022. The price target was changed from 99 to 112.Over the last 90 days, this security got 11 buy, 12 sell, and 0 hold ratings.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $101.24, a level that may pose a second chance to hit a runner. According to fan-theory $132.59 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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. 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 $96.29 and $84.79. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 01, 2022, and so far it has risen 41.05%. 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.

Advanced Micro Devices finds support from accumulated volume at $102.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $7.33 between high and low, or 7.54%. For the last week, the stock has had a daily average volatility of 5.65%.

The Advanced Micro Devices stock is extremely overbought on RSI14 (81). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Advanced Micro Devices holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. 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.