AMD stock price slipped from the level of $132 and turned bearish in the previous weeks. Presently, the stock price is trading between the key moving averages. However, buyers are trying to defend the 200-day EMA support to maintain the positional trend in the upward direction.
Investor sentiments regarding AMD stock price are indecisive at present, and it may turn negative unless the buyers start stepping in with substantial momentum. However, according to the technical indicators and the price action, the odds are lining up in the bulls’ favor.
AMD price showed an uptrend for a prolonged time and maintained the gains above the $100 level. The chart shows bearish momentum at present. Moreover, price action favors the sellers right now.
AMD price is on a downward trajectory to $100, which, if it breaks, the price will revisit the lower levels below the 200 EMA.
At press time, Advanced Micro Devices Inc. was trading at $102.61 with an intraday gain of 0.35%, showing neutrality. Moreover, the 24-hour trading volume is $55.387 Million. However, the market cap of AMD is $165.784. The day-high of AMD is $104.07, and the day-low is at $100.89, which indicates a narrow trading range.
Technical Analysis: Is Reversal Possible For AMD Stock?
Currently, AMD stock is trading between the 50 and 200-day EMAs (Exponential moving averages), which are supporting the price momentum.
However, if more buying volume adds up, then the price might support bullish momentum by making higher highs and new record highs.
The current value of RSI is 40.62 points. The 14 SMA is above the median line at 43.38 points which indicates that the stock is bullish.
The MACD line at -2.57 and the signal line at -1.87 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the AMD stock price.
4 Hour-Charts Price Analysis
On the 4-hour charts, AMD price is bullish and staying between the $100 – $110 range. However, the trend is weak, and sellers are attempting to break the zone as they try to break below $100.
The RSI curve is near 39, near neutrality, forming a negative crossover due to the consolidation in price, which creates a negative outlook on the charts.
The MACD indicator showed a bearish crossover, but the red bars were near the end, and a crossover was imminent. However, the price could consolidate.
Conclusion
On the daily time frame chart, AMD stock price has been consolidating in a tight price range. However, in order to accelerate towards its recovery phase, AMD stock must amass purchasers. The price of AMD shares dropped -3.38% in a week and -9.50% in a month. Technical indicators point to a period of price consolidation for AMD stock. Investors in Advanced Micro Devices Inc. stock must watch the daily time frame chart for any directional changes. However, Investors and traders should wait for proper setup for the next move and avoid acting from FOMO (fear of missing out).
Technical Levels
- Support Levels: The most immediate support levels for the AMD stock price are $107.93 and $101.45
- Resistance levels: The most immediate resistance levels for the Advanced Micro Devices Inc. stock price are $121.50 and $128.59.
