Advanced Micro Devices Stock (AMD) Ready To Make New Highs

amd stock chart image advanced micro devices buy analysis rating_december 28

Advanced Micro Devices stock (AMD) is at $91.81 and is one of our top longer-term technical trading ideas right now.

AMD is in a technical up-trend, with rising 20, 50, 100 and 200-day moving averages, indicating a technical up-trend on multiple time frames (bullish).

AMD recently broke out of a 4-month base to new highs, before correcting 7.6%. Note that the correction held above the 50-day moving average.

The $87.50 breakout level is the first price support and then there is critical support just above $80. A close over $100 could signal a new major breakout higher for Advanced Micro Devices stock (AMD).

With this recent consolidation, AMD looks to be setting up for a move higher.

Note that I am long AMD stock and it has been on our Blue Chip Daily Buy List since July 2020.

Larry is the publisher of the Blue Chip Daily Trend Report.

Twitter:  @LMT978

The author has a long position in Advanced Micro Devices (AMD) at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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