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Strong day for Advanced Micro Devices stock price on Tuesday rising 6.30% to $121.47

StockInvest.us, 3 months ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 6.30% on the last trading day (Tuesday, 15th Feb 2022), rising from $114.27 to $121.47. , and 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 day the stock fluctuated 6.58% from a day low at $114.36 to a day high of $121.88. The price has risen in 7 of the last 10 days and is up by 4.02% 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, 15 million more shares were traded than the day before. In total, 141 million shares were bought and sold for approximately $17.11 billion.

On Feb 02, 2022 "Jefferies Financial Group" gave "$145.00 - $155.00" rating for AMD. The price target was set to $123.98+6.2%.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -24.00% during the next 3 months and, with a 90% probability hold a price between $71.43 and $98.95 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

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Advanced Micro Devices stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $122.78 and $127.85. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 09, 2022, and so far it has fallen -8.57%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $114.27 and $113.18.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 $114.27. If this is broken, then the next support from accumulated volume will be at $113.18 and $102.60.

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 $7.52 between high and low, or 6.58%. For the last week, the stock has had a daily average volatility of 6.91%.

Advanced Micro Devices holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Check full Advanced Micro Devices forecast and analysis here.