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Strong day for Advanced Micro Devices stock price on Tuesday rising 8.31% to $158.74

StockInvest.us, 1 month ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 8.31% on the last trading day (Tuesday, 16th Jan 2024), rising from $146.56 to $158.74. During the last trading day the stock fluctuated 6.49% from a day low at $149.98 to a day high of $159.72. The price has been going up and down for this period, and there has been a 7.69% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 61 million more shares were traded than the day before. In total, 110 million shares were bought and sold for approximately $17.40 billion.

On Jan 08, 2024, it was reported that Wedbush gave AMD a "Buy" grade with a "hold" action.

The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $158.50, a level that may pose a second chance to hit a runner. According to fan-theory $175.51 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

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 $147.98 and $135.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, January 03, 2024, and so far it has risen 17.31%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $138.58 and $137.61.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 $138.58. If this is broken, then the next support from accumulated volume will be at $137.61 and $128.37.

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 $9.74 between high and low, or 6.49%. For the last week, the stock has had daily average volatility of 3.96%.

Advanced Micro Devices holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape 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.

Check full Advanced Micro Devices forecast and analysis here.