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Strong day for Advanced Micro Devices stock price on Thursday rising 7.01% to $108.32

StockInvest.us, 3 months ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 7.01% on the last trading day (Thursday, 2nd Jun 2022), rising from $101.22 to $108.32. During the day the stock fluctuated 8.65% from a day low at $100.78 to a day high of $109.50. The price has risen in 6 of the last 10 days and is up by 12.51% 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, 14 million more shares were traded than the day before. In total, 113 million shares were bought and sold for approximately $12.28 billion.

Piper Sandler is very positive about AMD and gave it a "$98.00 - $140.00" rating on May 17, 2022. The price target was set to 102.47+8.73.Over the last 90 days, this security got 2 buy, 10 sell, and 0 hold ratings.

Given the current short-term trend, the stock is expected to fall -16.72% during the next 3 months and, with a 90% probability hold a price between $63.53 and $90.21 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

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 $99.46 and $93.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 27, 2022, and so far it has risen 27.57%. 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 $102.47 and $99.42.There is 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 $102.47. If this is broken, then the next support from accumulated volume will be at $99.42 and $93.50.

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 $8.72 between high and low, or 8.65%. For the last week, the stock has had a daily average volatility of 6.16%.

Advanced Micro Devices holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Advanced Micro Devices stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full Advanced Micro Devices forecast and analysis here.