AMD’s Pullback Could Be EndingAdvanced Micro Devices more than doubled in the first half of the year. Now, after a healthy pullback, the semiconductor stock may be ready to climb again.
The first pattern on today’s chart is the falling trendline along the highs of June, August and September. AMD pushed through that line last week and has remained above it since.
Next, the $105 area was a peak on September 29. Prices tested it on Friday but are now rebounding. Has old resistance become new support?
Third, the current gains are occurring at the 50-day simple moving average (SMA). Further upside from here could turn the intermediate-term trend higher.
Also notice how the bounce started at the 200-day SMA on September 25. That may suggest its longer-term uptrend remains in effect.
Finally, MACD is rising and the 8-day exponential moving average (EMA) is above the 21-day EMA. Those signals could reflect more bullish price action in the shorter term.
The next earnings date is estimated for October 31.
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