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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