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AMD at bottom of long-term rising trend. Today, 04 July 2024, StockCharts365.com has taken a closer look at Advanced Micro Devices (AMD), which may now be at a favorable level to buy the stock at.


[04 July 2024]


Today, Thursday 04 July 2024, StockCharts365.com has taken a closer look at Advanced Micro Devices (AMD), which may now be at a favorable level to buy the stock at.


AMD at bottom of long-term rising trend. Potential to USD 280.00 during 2024.


 

First, a little about Advanced Micro Devices (ticker on Nasdaq: AMD)


Advanced Micro Devices, Inc. (AMD) is an American multinational corporation and fabless semiconductor company based in Santa Clara, California, that designs, develops and sells computer processors and related technologies for business and consumer markets.


AMD's main products include microprocessors, motherboard chipsets, embedded processors, and graphics processors for servers, workstations, personal computers, and embedded system applications.


The company has also expanded into new markets, such as the data center, gaming, and high-performance computing markets. AMD's processors are used in a wide range of computing devices, including personal computers, servers, laptops, and gaming consoles.


While it initially manufactured its own processors, the company later outsourced its manufacturing, after GlobalFoundries was spun off in 2009. Through its Xilinx acquisition in 2022, AMD offers field-programmable gate array products.


AMD was founded in 1969 by Jerry Sanders and a group of other technology professionals. The company's early products were primarily memory chips and other components for computers. In 1975, AMD entered the microprocessor market, competing with Intel, its main rival in the industry.


For more information about the company, visit their website here:



 

Technical Analysis of Advanced Micro Devices Inc. (ticker on Nasdaq: AMD)


Technical Analysis of Advanced Micro Devices Inc. (ticker on Nasdaq: AMD):


Advanced Micro Devices (AMD) shows a positive development within a long-term upward trend.


After a downward correction in recent months, the share now finds significant technical support around the current level.


The share now finds support both at the lower trend line in the long-term rising trend, and there is also a significant technical support level around USD 155.00.


Furthermore, AMD now finds technical support around the 50-day moving average, and the stock was also down some time ago and tested the support level at the 200-day moving average and then turned upwards again from that level.


In the very short picture, the stock is consolidating and meeting some technical resistance around the USD 170.00 level.


Various momentum indicators such as RSI, Stochastics and MACD signal that the stock is likely to face further upswing in the short term, and thus there may be a break above the resistance level around USD 170.00 in the near future.


The share appears to be a good buy candidate at today's price level, and a break above USD 170.00 will trigger new positive technical signals for the share.


The potential for the share is considered to be around USD 250.00 - 280.00 in the 6-9 month term.


What could possibly change today's positive technical picture for the AMD share would be if it had an established break down below the support level at USD 155.00, and below the lower trend line in the long-term trend channel as well as a break down below the 200-day moving average .


However, as the overall technical picture is today for the AMD share, a significant potential for the share is indicated from today's price level in the 6-9 month term.


 

NB! Remember to have read and understood the disclaimer.

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