Chart of the Day: AMD Remains in Our Sights
We have been watching this Bullpen name as the chart strengthens.
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Waiting for a pullback to start a new position can be a frustrating experience. Such is the case with Bullpen name Advanced Micro Devices AMD. AMD is a stock we have been watching closely, but since early September it has not given us a chance to get on board. That is often the case with very strong stocks, they rarely give you an opportunity to get in.
The AMD chart, below, is showing good strength on very strong volume. That is bullish — it means big institutions are adding shares on the up and down days. Check out the Moving Average Convergence Divergence (MACD), which is on a strong buy signal since mid-August (Pane 2).
That is an impressive run, even as the stock dipped sharply in early September. Stochastics are overbought now as momentum is strong; that is a good sign for continuation. The chop index (pane 3) shows this stock is ready to make a trending move — probably higher.
Resistance, though, is just ahead, the highs in July of nearly $187.
We'll continue to keep a close eye on this name.
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At the time of publication, TheStreet Pro Portfolio had no positions in any securities mentioned.
