AMD stock price is currently trading in a narrow range, trying to breach the 50 EMA level. In previous sessions, Advanced Micro Devices stock showed bullishness on the chart. It seems that it is getting ready to reach higher levels.
At press time, Advanced Micro Devices stock was trading at $2.28 with an intraday gain of 2.28% breaking above the 100-day EMA, and showing bullishness on the charts. Moreover, the intraday trading volume also showed a decline of 44.702 Million, less than the average 10-day volume of 51.784 Million. The market cap of the stock is $174.024 Billion.
Recently, Advanced Micro Devices stock has shown weakness on the charts giving a 2.58% return in the week and a nominal gain of 0.90% return in a month. However, it gave a positive return of 11.43% in a span of 6 months and gave 63.20% return year-to-date.
Will AMD Stock Price Reach the $135 Level?
AMD stock price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the Advanced Micro Devices shares need to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the Advanced Micro Devices share price has surged above the 100, and 200-day daily moving averages.
Moreover, AMD shares must break out from the consolidation phase over the daily time frame chart.
Technical indicators highlight the consolidation phase of the Advanced Micro Devices stock price. Relative strength index (RSI) showcases the sideways momentum of AMD shares. RSI was at 49 in the neutral territory.
MACD exhibits the consolidation phase of the AMD share price. The MACD line is flat above the signal line waiting for a crossover. Investors in Advanced Micro Devices stock need to wait for any directional change over the daily time frame chart.
Analysts’ Take on AMD Stock
There is a strong buy opinion among 44 analysts who follow Advanced Micro Devices stock. More than half of them (27) rate Advanced Micro Devices as a Strong Buy, while 5 give it a Buy rating. 12 analysts recommend holding the stock, and none of them advise selling it. Overall the weightage is on the strong buy side.
Advanced Micro Devices stock has an average price target of $143.00, which implies a potential increase of 32.76% from its current price of $107. The price targets vary from a high of $200 to a low of $95.00.
Summary
On the daily time frame chart, the AMD stock price is consolidating between $112 and $103 range. However, in order to accelerate towards its recovery phase, AMD shares need more purchasers. The price of AMD shares dropped 2.58% in a week and rose 0.90% in a month. Technical indicators point to a period of price consolidation for the Advanced Micro Devices stock. Investors in Advanced Micro Devices stock must watch the daily time frame chart for any directional changes. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
- Support Levels: $103.18 and $99.00.
- Resistance Levels: $112.34 and $121.50
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/14/amd-stock-amd-stock-has-potential-to-break-135-level/