Advanced Micro Devices Stock Forecast
Red day on Friday for Advanced Micro Devices stock after losing 1.35%
(Updated on Jun 02, 2023)
On Friday, 2nd Jun 2023, the stock price of Advanced Micro Devices fell -1.35% from $119.47 to $117.86. The stock fluctuated 3.39% throughout the day, ranging from $117.68 to $121.66. Over the past two weeks, the stock has risen 9.2%, with six of the last ten days showing an increase. On the last day, trading volume decreased -12 million shares, totaling 52 million shares traded for a total of $6.14 billion. This decrease in volume is a positive sign, as it usually follows the stock's movement.
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The stock lies in the middle of a very 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 22.62% during the next 3 months and, with a 90% probability hold a price between $109.77 and $157.61 at the end of this 3-month period.
AMD Signals & Forecast
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 $119.49. On a fall, the stock will find some support from the long-term average at approximately $98.86. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, May 26, 2023, and so far it has fallen -7.22%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Advanced Micro Devices stock
On the downside, the stock finds support just below today's level from accumulated volume at $97.58 and $96.60. 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 $97.58. If this is broken, then the next support from accumulated volume will be at $96.60 and $95.04.
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 $3.99 between high and low, or 3.39%. For the last week, the stock has had daily average volatility of 4.78%.
Our recommended stop-loss: $111.35 (-5.52%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (AMD) For The Upcoming Trading Day Of Monday 5th
For the upcoming trading day on Monday, 5th we expect Advanced Micro Devices to open at $119.07, and during the day (based on 14 day Average True Range), to move between $112.73 and $122.99, which gives a possible trading interval of +/-$5.13 (+/-4.36%) up or down from last closing price. If Advanced Micro Devices takes out the full calculated possible swing range there will be an estimated 8.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $120.35 (2.11%) than the support at $97.58 (17.21%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Advanced Micro Devices stock A Buy?
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.
Current score: 1.863 Open Broker Account
Buy Candidate UnchangedPredicted Opening Price for Advanced Micro Devices of Monday, June 5, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Fair opening price June 5, 2023 | Current price |
---|---|
$119.07 | $117.86 (Undervalued) |
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Trading levels for AMD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 123.05 | 4.40 % | |
R2 | 121.53 | 3.11 % | ||
R1 | 120.59 | 2.31 % | ||
Current price: | 117.86 | |||
Support | S1 | 117.54 | -0.269 % | |
S2 | 116.60 | -1.07 % | ||
S3 | 115.08 | -2.36 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 127.03 | 7.78 % | |
R2 | 125.27 | 6.29 % | ||
R1 | 120.35 | 2.11 % | ||
Current price | 117.86 | |||
Support | S1 | 97.58 | -17.21% | |
S2 | 96.60 | -18.04% | ||
S3 | 95.04 | -19.36% |
FAQ
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About Advanced Micro Devices
Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company operates in two segments, Computing and Graphics; and Enterprise, Embedded and Semi-Custom. Its products include x86 microprocessors as an accelerated processing unit, chipsets, discrete and integrated graphics processing units (GPUs), data center and professional GPUs, and development services; and server and embedded processors, and semi-custom System-on-Chi... AMD Profile
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