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Advanced Micro Devices Inc (AMD) “On a long-term technical basis, the stock (AMD) is trading above its 200-day moving average which implies it is in a positive trend. However, the stock has broken through an important trendline at 42.72 suggesting the next level of support is 38.08. The long-term uptrend has now turned neutral.
The stock has support at 38.08 and 32.05. If the stock breaks down through support at 38.08 then it will probably continue lower to 32.05. The stock will meet resistance at 41.04 and 46.10. If the stock breaks up through resistance at 41.04 then it will probably continue higher to 46.10. The 200-day moving average is at 37.60. This will also act as support. If the stock closes below 38.08 a negative trend change is probable. Look for the stock to fall to the 200-day moving average at 37.60. The stock is extremely oversold according to the Stochastic Indicator (16.25).”
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