AMD Stock Shed Over 8%; Expected to Follow the Bearish MACD 

AMD stock has been declining for the past few months and lost 6.30% of its price in a week and 8.25% in a month. On October 23, 2023, Advanced Micro Devices, Inc. stock declined to around $1.73. 

AMD Stock Price Analysis 

In the 52-week time frame, AMD stock price peaked at $132.83 and lowest traded at $55.66. When writing, the semiconductor category giant stock was trading below 20, 50, 100, and 200-day EMA. 

The MACD and signal line seems to be taking a U-turn from the bullish territory and analysts believe that further decline in the trading price is expected. Similarly, the RSI line is below the zero line in the bears’ region. 

AMD stock has an annual price target of $141.51, the target is 40% greater than its press time trading price. Despite weekly, monthly, and quarterly declines, Advanced Micro Devices Inc. stock price added 13.37% in the past six months and its prices surged over 55% in the year-to-date time frame. 

Since the past three trading sessions, a major bear’s dominance is troubling the bulls and AMD stock prices as well. The average trading volume of AMD shares is 51.828 Million and the company has a market capitalization of $161.551 Billion.

TradingView data states that 1.6 Billion AMD shares are free-floating and the remaining 15.859 Million shares are closely held. The available data states that the company has expertise in Gaming and data centers business. 

Advanced Micro Devices, Inc. leads its operations in the United States, China, Japan, Taiwan, Europe, Singapore and some other nations globally. 

Advanced Micro Devices Inc (AMD) Financial Updates 

Advanced Micro Devices, Inc. succeeded in reporting revenue similar to the estimated figures. The company was supposed to report $5.32 Billion in Q2 2023 and the reported revenue was 1.02% greater than the estimated EPS. 

In 2022, AMD reported $23.60 Billion in revenue from which its net income was $1.32 Billion and profit margin was 5.59%. In the long-term total liabilities of the company are $6.49 Billion and assets are  $52.56 Billion. 

Technical Levels 

Support Level: $99.17 & $95.84

Resistance Level: $102.99 & $104.13

Conclusion: 

AMD stock has been constantly declining for the past few months and lost over 8% of its trading price in a quarter. The MACD and signal line both reflect bearishness and further declines are expected. If sellers continue their dominance over buyers then there are chance of major downfalls. 

Disclaimer 

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

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.

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