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

The Advanced Micro Devices stock price gained 1.24% on the last trading day (Monday, 21st Oct 2024), rising from $155.97 to $157.90. During the last trading day the stock fluctuated 2.49% from a day low at $154.16 to a day high of $158.00. The price has fallen in 6 of the last 10 days and is down by -7.64% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 25 million shares were bought and sold for approximately $3.93 billion.

On Oct 15, 2024, it was reported that Oppenheimer gave AMD a "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 18.90% during the next 3 months and, with a 90% probability hold a price between $180.13 and $210.16 at the end of this 3-month period.

The Advanced Micro Devices stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $159.44. On a fall, the stock will find some support from the long-term average at approximately $156.31. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Tuesday, October 08, 2024, and so far it has fallen -8.62%. Further fall is indicated until a new bottom pivot has been found. 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 $144.48 and $132.54.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 $144.48. If this is broken, then the next support from accumulated volume will be at $132.54 and $132.50.

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 $3.84 between high and low, or 2.49%. For the last week, the stock has had daily average volatility of 2.87%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Advanced Micro Devices stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.