Which will come first $100 or $130?

Advanced Micro Devices (NASDAQ: AMD) stock is up by 72.18% on a YTD basis. It performed well in 2023 and generated decent returns for the long investors.

AMD stock price is trading above the 200-day EMA showcase the trend is in an upward direction. Presently, the price is near the 50-day EMA which is acting as an immediate support for the bulls.

In the mid of June, Advanced Micro Devices hit a 52-week high at $132.83 and formed a bearish candle. Later, prices witnessed short-term profit booking and retrace down to the 50-day EMA.

The downfall in the AMD stock halted near $110.00 and prices entered into the narrow range of consolidation. Presently, AMD share price is continuing the consolidation and buyers are trying to defend the lower range.

The broader market index Nasdaq and Dow Jones is mildly bearish. It might negatively impact the market sentiment as well as the prices of AMD stock.

Advanced Micro Devices stock price closed the previous session at $110.23 with an intraday decline of -0.22%. The market capitalization stands at $178.10 Billion.

AMD Stock Price at make or break level

AMD Stock price (NASDAQ: AMD) retraced after hitting the 52-week high. The price pattern shows that sellers are getting active in the supply zone. Therefore, it will be difficult for the buyers to retest the $130.00 level in the coming months.

If the AMD stock price drops below $110.00 then bears may try to drag it down to the $100.00 level.

Moreover, if the situation gets worse and prices break $100 then a panic sell-off might trigger in the stock. The technical analysis suggests AMD stock might test $100.00 in the coming months.

AMD Stock Price is turning bearish

AMD share price is mildly bullish and consolidated for the past 7 weeks in a narrow range. The stock might show a sharp rise or sharp decline which will decide the next direction.

The MACD curve slopes sideways and trading near to the zero line indicates consolidation might continue for some more time. The RSI at 45 slopes down denotes weakness and sellers are strengthening their grip.

Conclusion

Advanced Micro Devices (NASDAQ: AMD) stock performed well in 2023 and hit a 52-week high. Presently, AMD share price got stuck into the narrow range and the presence of sellers is visible.

The technical analysis suggests, AMD share is mildly bearish and seems like $100.00 will come first.

Technical levels

Resistance levels: $121.00 and $133.00
Support levels: $100.00 and $90.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing