AMD stock price may recover towards the $130 mark if it gets desired support from buyers, suggests analysts. Meanwhile, AMD shares need to accumulate buyers in order to push the stock AMD price towards the recovery phase. However, AMD share price has been caged inside the horizontal range-bound area after recovering through an interesting channel.
AMD stock has declined inside the descending parallel channel throughout the year 2022 and then finally managed to gather support at $55.55 level in October 2022. After that AMD stocks recovered through an ascending parallel channel till May 2023. However, AMD managed to recover till the $133 mark but couldn’t sustain there and fell inside a horizontal range-bound area. AMD share price has been consolidating inside the consolidation phase since June 2023.
AMD stock price was at $105.66 and has lost around 2.37% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow during Wednesday’s trading session. AMD stock price today in the pre market session is declining from the $105 level.
AMD Stock Price Prediction: Price Targets For NASDAQ: AMD
Advanced Micro Devices, Inc (NASDAQ: AMD) share has been trying to recover out of the consolidation phase over the daily time frame chart. However, buyers need to come forward for the rescue of AMD share. Meanwhile, AMD share price is trying to remain above its 200-day DMA in order to break out of the 20, 50 and 100-day daily moving average.
Analysts believe that if AMD share price breaks out of the primary resistance level near $120 then the stock price of AMD may recover towards the $130 mark. AMD shares have decreased around 5.65% in a week and 4.79% in a month. Nevertheless, AMD has lost slightly around 0.305 in the last three months while gaining around 31.04% in the last six months. Moreover, AMD share has surged around 60.10% year to date.
Technical indicators suggest the declining momentum of AMD shares inside the consolidation phase. Relative strength index and moving average convergence divergence both confirm the fall of AMD share price.
RSI was at 42 and is heading towards the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in Advanced Micro Devices, Inc (NASDAQ: AMD) need to wait for any directional change over the daily time frame chart.
Summary
AMD stock price may recover towards the $130 mark if it gets desired support from buyers, suggests analysts. However, AMD managed to recover till the $133 mark but couldn’t sustain there and fell inside a horizontal range-bound area. Analysts believe that if AMD share price breaks out of the primary resistance level near $120 then the stock price of AMD may recover towards the $130 mark. Technical indicators suggest the declining momentum of AMD shares inside the consolidation phase.
Technical Levels
Support Levels: $104.50 and $102.00
Resistance Levels: $115.00 and $120.00
