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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 recently broken through an important trendline at 50.46 suggesting the next support level is at 47.43. This weakness suggests the long-term trend is turning neutral.
The stock has support at 47.43 and 41.79. If the stock breaks down through support at 47.43 then it will probably continue lower to 41.79. The stock will meet resistance at 50.46 and 59.27. If the stock breaks up through resistance at 50.46 then it will probably continue higher to 59.27. The 200-day moving average is at 38.68. This will also act as support. The stock is extremely overbought according to the Stochastic Indicator (76.13).”
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