Advanced Micro Devices Is Making Its Upside Move
Advanced Micro Devices (AMD) is knocking on a new high all-time high after their latest earnings report.
In our last review of the charts of AMD on June 30, we wrote that "At the moment it looks like AMD has the power to breakout over its December/January highs. Traders looking to buy AMD could wait for a one day dip towards $90, otherwise buy strength above $96.45. $98 and then $123 are the price targets. Risk to $81."
In this updated daily bar chart of AMD, below, we can see that prices rallied into early July and then corrected down to the $85 area before the latest surge higher. The 52-week high is $99.23 but we are likely to make a new high close as well as refreshing the uptrend on the Point and Figure chart.
Prices are trading above the rising 50-day and 200-day moving average lines. The 50-day line is crossing above the 200-day line for a bullish golden cross buy signal.
The trading volume is active and the On-Balance-Volume (OBV) line has moved up with the price action. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the upside for a fresh outright buy signal.
In this weekly Japanese candlestick chart of AMD, below, we see a positive looking set up. Prices are trading above the rising 40-week moving average line. The weekly OBV line is inching higher from early May. The MACD oscillator has recently crossed above the zero line for a new buy signal.
In this daily Point and Figure chart of AMD, below, we can see that prices just made a new high for the move up to refresh the uptrend. A $118 price target is now indicated.
In this weekly Point and Figure chart of AMD, below, we see a $139 price objective.
Bottom line strategy: The charts and indicators of AMD are bullish. Continue to hold longs from our prior recommendation. Raise stops to $85 from $81. The round number of $100, then $118 and $139 are our new price targets.
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