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 2.36% on the last trading day (Monday, 28th Oct 2024), rising from $156.23 to $159.92. 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 2.06% from a day low at $157.05 to a day high of $160.28. The price has been going up and down for this period, and there has been a -3.24% loss 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, 263 thousand more shares were traded than the day before. In total, 30 million shares were bought and sold for approximately $4.75 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 18.78% during the next 3 months and, with a 90% probability hold a price between $178.49 and $212.60 at the end of this 3-month period.

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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $155.78 and $158.79. A breakdown below any of these levels will issue sell signals. 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 -7.45%. 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 $3.24 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 2.30%.

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.

Check full Advanced Micro Devices forecast and analysis here.