Is $130 possible by the end of 2023?

AMD stock price (NASDAQ: AMD) fell 8% in the current month and is showing signs of bearish trend reversal. The stock price is declining by forming lower low swings indicating bears are getting active on higher levels.

Advanced Micro Devices, Inc. stock performed well in the past few months and sustains above the 200-day EMA. It showcases that the positional trend is still in upward direction.

AMD stock price is trading between the 50-day and 200-day EMA which indicates that pullback may trigger anytime. However, if the sell off continues and prices drop below $100 then bearish trend reversal is confirmed.

Advanced Micro Devices, Inc. released the previous quarter earnings of August 1, 2023. It reported an EPS of 0.58 and revenue of $3.359 Billion.

Company succeeded to beat the analyst estimates despite that stock price reacted negatively and fell 7% on the next day. Later, buyers tried to recover the losses but $120 turned out as a hurdle and prices again got rejected.

AMD stock price closed the previous session at $105.45 with an intraday rise of 0.97%. The market capitalization stands at $170.37 Billion.

Will AMD Stock (NASDAQ: AMD) hold the $100 support?

AMD stock price (NASDAQ: AMD) is near to the crucial support and buyers will try their best to rebound.

On the lower side, $100 will act as a make or break level in coming weeks. If buyers succeed to hold $100 then prices might take a U-turn and begin the journey to reach $120.

On the other hand, if the correction continues and AMD stock drops below $100 then 5% to 10% more downside will open. The technical analysis suggests, short term pull toward a 50-day EMA is possible. But prices might face difficulty to hold higher levels.

Will Advanced Micro Devices, Inc. stock take an U- turn?

Advanced Micro Devices, Inc. stock price returns back to its previous breakout level. Short term investors and traders got rewarded in the past few months, but the rally seems to be completely halted and AMD share begins the correction.

However, AMD stock price formed a strong base near $80.00 to $90.00 so the downside is limited.

If the broader market takes a U-turn and technology companies begin to recover then AMD stock will also participate in the rally. Till then keep an eye on the $100 support level.

Conclusion

AMD stock price (NASDAQ: AMD) is in a correction phase and buyers are trying their best to rebound. The technical analysis suggests that short-term pullback is possible but it will be difficult to test $130 by the end of 2023.

Technical levels

Resistance levels: $121.00and $132.00
Support levels: $90.00 and $80.00

Disclaimer

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