Advanced Micro Update |

Advanced Micro Update |

Advanced Micro Devices Daily Chart.

Advanced Micro Devices Daily Chart.

Share of Advanced Micro Devices Inc (NASDAQ:) are setting up for a fresh rally leg. The stock is working on a fifth-straight gain and is now up 10% from the March lows.

AMD is far from overbought and is just now beginning to lift off deeply oversold levels (daily/MACD)

The $74.00 area has proven to be a very solid support zone( held Sept/Nov/March lows).

We view AMD as a fairly low-risk buy near current levels.

On the downside, a close back below $79 would violate the April low, indicating more basing will be needed before a fresh rally leg can take hold.

Earnings are due April 27.

Note: We are long AMD in our Tactical Opportunity Portfolio.

You can read Gary S. Morrow’s original post here.

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