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- 1 Advanced Micro Devices, Inc. AMD stock price has been sideways inside a horizontal range-bound area.
- 2 AMD shares recovered out of a declining parallel channel to reach the $133 mark.
- 3 Advanced Micro Devices, Inc. (NASDAQ: AMD) develops computer processors and other related technologies for business and consumer markets.
Advanced Micro Devices, Inc. AMD stock price managed to register its breakout in January 2023, and hence, gained 71% year-to-date. AMD shares surged with a strong upside trend as soon as it broke out of the descending parallel channel over the daily time frame chart.
Moreover, AMD stocks then reached the $133.19 recovery level and couldn’t sustain there, resulting in a slippage. AMD share price slumped till $107 and gathered support to remain inside the horizontal price range of $107 and $122. Meanwhile, AMD stocks got up from the lower price range of the consolidation phase, but couldn’t sustain at the upper threshold.
AMD stock price was at $113.00 and has gained 2.16% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow during Wednesday’s trading session.
Will AMD Stock Price Break Out to Attend the $130 Mark?
Analysts believe that if the AMD stock price registers its breakout from the consolidation phase, then AMD shares may reach the $130 recovery level. However, AMD shares need to attract buyers in order to maintain the upside trend over the daily time frame chart. Moreover, AMD share price is trying to remain above the 50, 100 and 200-days Daily Moving Average to move up from the 20-EMA.
In addition, AMD stock price gained around 3.38% in a month and 30.62% in the last three months. Moreover, AMD shares surged around 47.71% in the last six months and 71.22% year-to-date. This confirms the facts regarding AMD stock’s maximum recovery during 2023.
Nevertheless, technical indicators are divergent over the price action of AMD shares. Relative strength index showcases the upside trend of AMD stock. RSI was at 48 and is preparing to break out of neutrality to be overbought.
MACD on the other hand exhibits the consolidation phase of AMD stock price. The MACD line is hovering below the signal line waiting for a positive crossover. Investors in Advanced Micro Devices, Inc. (NASDAQ: AMD) shares need to wait until the AMD stock price breaks out of the consolidation phase.
Summary
The stock price of Advanced Micro Devices, Inc., or AMD, managed to break out in January 2023, and since then, has increased by 71% year-to-date. A slippage occurred as a result of AMD stocks reaching the $133.19 recovery level and failing to maintain it. Analysts predict AMD shares may reach the $130 recovery level if the AMD stock price breaks out of the consolidation period. Additionally, the price of AMD stock increased by about 3.38% in a month and 30.62% in the previous three months. Technical indicators, however, are at odds with the price movement of AMD shares.
Technical Levels
Support Levels: $109.55 and $108.60
Resistance Levels: $115.00 and $118.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
