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Advanced Micro Devices (AMD) Stock: Surges After Touching $100 

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AMD stock price entered into a bullish trend during the start of May and surged from the low of $81.30, forming a yearly high of $132.83. The stock price faced heavy rejection above  $132.80 and fell strongly. Since then, AMD has been forming lower lows. 

While Nvidia seems to be riding on the artificial intelligence boom, Advance Micro Devices are getting left behind. The stock price has plunged roughly 17.20% after the formation of the yearly high. Recently, AMD price formed a support at $100 and initiated a bullish rally and is headed toward the resistance level of $111.40. 

Advanced Micro Devices (AMD) Stock: Surges After Touching $100 
Source: AMD Stock Price By TradingView.

If AMD stock price can break the resistance level of $111.40, it might rise toward the next psychological resistance level of $120. While on the other hand, if stock price rejects $111.40, it might retrace back to $100 level.

Advanced Micro Chips Acquires Mispology 

Advanced Micro Devices is proactively riding the AI-tech waves in 2023. AMD’s official blog stated that the chipmaker is deepening its AI-inference software capabilities through the acquisition of French company Mipsology.

The buyout has been finalized and the chipmaker can now access Mipsology AI inference and optimization tools. Mispology’s skilled software team will join the AMD AI group. The acquisition will allow AMD and its customer to tap into the vast potential of pervasive AI.

Investing in companies like Advanced Micro Devices allows stockholders to profit from the growth of multiple markets. AMD’s stock has surged 335% over the last five years, with revenue and operating income rising 264% and 180% respectively in the same time period.   

AMD has now become a go-to option for many tech companies seeking powerful hardware to take their product to the next level. 

Will AMD Stock Price Continue Rising?

Advanced Micro Devices (AMD) Stock: Surges After Touching $100 
Source: AMD Stock Price By TradingView.

The stock price has climbed above 20, 50, 100, and 200-day exponential moving averages, indicating bullish momentum. The 200-day EMA has been acting as a level from where the price can bounce off since the start of 2023. 

Chaikin money flow (CMF) score has been trading below the 0 mark since 2 August 2023, which indicates weakness in the market. Currently, CMF stands at -0.04. The relative strength index has surged above the 50 mark and stands at 51.58, suggesting an increase in the participation of bulls which supports the price action. 

Advanced Micro Devices stock price has surged above the 20-day SMA of Bollinger which indicates that the price might toward the upper band which resides near $115.

Conclusion 

The tech industry enables investors to gain consistently over the long term and has massive potential. Chipmakers have been previously crucial to that growth, so companies like AMD are well-positioned to profit significantly over the long term.

Technical Levels 
  • Major support: $100 and $94
  • Major resistance: $120 and $132.80
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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