The Advanced Micro Devices $Advanced Micro Devices(AMD)$ stock price gained 0.635% on Friday, 21st Jul 2023, rising from $110.25 to $110.95. During the last trading day the stock fluctuated 2.52% from a day low at $109.54 to a day high of $112.30. The price has risen in 6 of the last 10 days but is still down by -1.96% for this period. Volume fell on the last day by -8 million shares and in total, 68 million shares were bought and sold for approximately $7.51 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $107.45 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 25.84% during the next 3 months and, with a 90% probability hold a price between $135.21 and $178.82 at the end of this 3-month period.
AMD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Advanced Micro Devices stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $115.11 and $116.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 12, 2023, and so far it has fallen -14.12%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Advanced Micro Devices stock
On the downside, the stock finds support just below today's level from accumulated volume at $97.02 and $95.04. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Advanced Micro Devices finds support just below today's level at $97.02. If this is broken, then the next support from accumulated volume will be at $95.04 and $86.61.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.76 between high and low, or 2.52%. For the last week, the stock has had daily average volatility of 4.27%.
Trading Expectations (AMD) For The Trading Day Of Monday 24th
For the trading day on Monday, 24th we expect Advanced Micro Devices to open at $110.93, and during the day (based on 14 day Average True Range), to move between $106.32 and $115.58, which gives a possible trading interval of +/-$4.63 (+/-4.17%) up or down from last closing price. If Advanced Micro Devices takes out the full calculated possible swing range there will be an estimated 8.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $117.93 (6.29%) than the support at $97.02 (12.56%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Insiders are negative selling more shares than they are buying in Advanced Micro Devices
In the last 100 trades there were 1.6 million shares bought and 2.55 million shares sold. The last trade was made 14 days ago by Guido Philip who sold 0 shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Is Advanced Micro Devices stock A Buy?
The Advanced Micro Devices stock holds several negative signals and despite the positive trend, we believe Advanced Micro Devices will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
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