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Stronger technical forecast for Advanced Micro Devices stock price after Monday trading.

StockInvest.us, 2 weeks ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 1.78% on the last trading day (Monday, 29th Apr 2024), rising from $157.40 to $160.20. It 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 last trading day the stock fluctuated 2.89% from a day low at $156.26 to a day high of $160.77. The price has risen in 7 of the last 10 days but is still down by -0.07% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 919 thousand more shares were traded than the day before. In total, 43 million shares were bought and sold for approximately $6.85 billion.

On Apr 18, 2024, it was reported that Cowen & Co. gave AMD a "Buy" grade with a "hold" action.

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 -8.94% during the next 3 months and, with a 90% probability hold a price between $131.80 and $182.10 at the end of this 3-month period.

Advanced Micro Devices

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 9.25%. 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. The Advanced Micro Devices stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $172.14. On a fall, the stock will find some support from the short-term average at $152.95. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Advanced Micro Devices finds support from accumulated volume at $155.08 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 $4.51 between high and low, or 2.89%. For the last week, the stock has had daily average volatility of 3.75%.

Advanced Micro Devices holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Check full Advanced Micro Devices forecast and analysis here.