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

StockInvest.us, 1 week ago

Advanced Micro Devices

The Advanced Micro Devices stock price gained 3.95% on the last trading day (Monday, 8th Jul 2024), rising from $171.90 to $178.69. During the last trading day the stock fluctuated 3.31% from a day low at $173.22 to a day high of $178.95. The price has risen in 5 of the last 10 days and is up by 10.83% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 58 million shares were bought and sold for approximately $10.42 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Jun 12, 2024, it was reported that Edward Jones gave AMD a "Buy" grade with a "initialise" action.

The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $178.75 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 4.67% during the next 3 months and, with a 90% probability hold a price between $157.16 and $187.09 at the end of this 3-month period.

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 $165.45 and $163.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 23.86%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

On the downside, the stock finds support just below today's level from accumulated volume at $161.78 and $160.43.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 $161.78. If this is broken, then the next support from accumulated volume will be at $160.43 and $144.27.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.73 (3.31%) between high and low. For the last week, the stock has had daily average volatility of 4.04%.

Advanced Micro Devices holds several positive signals and is within a weak 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.

Check full Advanced Micro Devices forecast and analysis here.