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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 generally implies it is in a positive trend. However, the stock has broken down through an important fibonacci fan trendline at 61.15 suggesting the next level of support is 53.83. The long-term uptrend has now turned neutral.
The stock has support at 53.83 and 49.09. If the stock breaks down through support at 53.83 then it will probably continue lower to 49.09. The stock will meet resistance at 56.98 and 61.15. If the stock breaks up through resistance at 56.98 then it will probably continue higher to 61.15. The 200-day moving average is at 46.48. This will also act as support. If the stock closes below 53.19 a negative trend change is probable. The stock could fall to the 200-day moving average at 46.48. The stock is slightly overbought according to the Stochastic Indicator (65.48).”
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