Strong day for Advanced Micro Devices stock price on Thursday rising 9.06% to $192.53

The Advanced Micro Devices stock price gained 9.06% on the last trading day (Thursday, 29th Feb 2024), rising from $176.54 to $192.53. During the last trading day the stock fluctuated 7.33% from a day low at $179.82 to a day high of $193.00. The price has fallen in 7 of the last 10 days but is still up by 7.74% 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, 68 million more shares were traded than the day before. In total, 103 million shares were bought and sold for approximately $19.91 billion.

On Jan 31, 2024, it was reported that Bernstein gave AMD a "Market Perform" grade with a "hold" action.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 43.83% during the next 3 months and, with a 90% probability hold a price between $245.13 and $294.70 at the end of this 3-month period.

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 $177.96 and $170.75. 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 17.19%. 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 $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 $13.18 between high and low, or 7.33%. For the last week, the stock has had daily average volatility of 4.17%.

Advanced Micro Devices holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". 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 Buy to a Strong Buy candidate.