$Advanced Micro Devices(AMD)$

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$Advanced Micro Devices(AMD)$ AMD) have taken a step back on the charts. Down 2.1% over the last nine months and 4.4% this quarter, AMD is looking for a blessing after its most recent rally lost steam in the $175 area. Last seen 0.2% higher at $156.89, the chip stock is now trading near a historically bullish trendline that could help it reclaim lost ground over the next month.

According to a study from Schaeffer's Senior Quantitative Analyst Rocky White, Advanced Micro Devices stock is trading within one standard deviation of its 260-day moving average. Per White's data, four similar signals occurred in the past three years, and AMD was higher one month after three of those occurrences, averaging a massive 18.6% 21-day gain. A similar move from the stock's current perch would put it at around $186, or levels not seen since July.

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