AMD) Surpassed $110, Will AMD Shoot Beyond $130?

Advanced Micro Devices Inc. (NASDAQ: AMD) AMD share price witnessed buying momentum and is decisively sustaining above the round mark of $100 for the past sessions. Near the bottom support zone of $95, a double bottom pattern was witnessed as the neckline near $110 crashed this week in a breakout. Furthermore, the price action noted slow & steady buyers accumulation and is heading to scratch the resistance mark of $130. Moreover, the stock has surpassed the significant moving averages and is delivering a bullish outlook.

Advanced Micro Devices, Inc. engages in the provision of semiconductor businesses. It operates through the following segments: Computing & Graphics, and Enterprise, Embedded and Semi-Custom. The Computing and Graphics segment includes desktop and notebook processors and chipsets, discrete and integrated graphics processing units, data center and professional GPUs and development services. The company was founded by W. J. Sanders III on May 1, 1969 and is headquartered in Santa Clara, CA.

The technicals suggest that AMD stock is getting ready to reach the bullish trajectory zone near $125 and is holding the gains. Moreover, the option chain shows long buildup activity as it accumulates gains.

Will AMD Stock Continue to Deliver Bullishness?

On the daily charts, AMD stock price is trading above the significant moving averages and is showing bullishness. Furthermore, the price action shows that the stock is through its correction period and retested the demand zone of $95. Thereafter, a rebound was witnessed as the stock was oversold and buyers regained the momentum. 

At press time, AMD stock price was $113.49 with an intraday drop of 0.09%, showing neutrality on the charts. Moreover, the trading volume increased by 0.45% to 61.147 Million and the market cap is $183.343 Billion. Analysts have maintained a buy rating with a yearly target price of $130.75.

AMD stock surpassed the 50% Fibonacci retracement zone and is above the mid bollinger band. Furthermore, the stock persisted in forming the lower lows, but has now flipped the trend, marking a new high above the resistance mark of $110. Per the ongoing trend, AMD stock is ready to attain delights, and is a wise pick for the long term for the investors.

The RSI curve stayed in the overbought zone and shows a bullish divergence witnessed a positive crossover on the charts.

The MACD indicator shows green bars on the histogram suggesting a positive outlook for the upcoming sessions. The present trend shows that buyers are gaining traction.

Summary

AMD stock price is trading above the significant moving averages and is showing buyers’ accumulation. Moreover, the price action shows that the buyers are willing to go all the way up to $125.

Technical Levels

Support Levels: $100 and $85

Resistance Levels: $120 and $130

Disclaimer

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

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.