AMD Stock Analysis - Testing Key Price Level

Summary

This is a technical analysis of Advanced Micro Devices (AMD) stock by Krie Artech from Wicked Stocks. It reviews AMD's recent price action, noting key support and resistance levels that could signal future moves. After testing support in late 2022, AMD rallied but now faces resistance at the $157 channel top. A close above $158.80 this week would target $186 in 2-3 months. Otherwise AMD may pull back towards $125 or even $102 later this year.

Takeaways

• AMD recently tested support at its rising 2/3 speed line, which contained selling pressure
• Rallying from support it closed above a descending channel top, signaling a buy on strength
• AMD now faces resistance at a rising channel top around $157
• Closing this week more than 1% above $157.23 signals a continued rally towards $186 in 2-3 months
• Closing this week at or below $157.23 signals a pullback is likely towards $125 or even $102 later this year
• The $124.70 rising 1/3 speed line could contain selling pressure over 2-3 months
• The June 2023 high around $133 could provide support on any pullback
• Upside confirmation doesn't come unless AMD closes firmly above the $157 resistance

Q & A

What was the key support level AMD tested in late 2022?

In late October 2022, AMD tested support around its rising 2/3 speed line, which contained selling pressure.

What was the buy signal AMD recently triggered?

By closing above a descending channel top off the support test, AMD triggered a buy signal on strength.

What key resistance level is AMD now facing?

AMD now faces resistance around $157 from a rising channel top formed over the past 6 years.

What would a close above $158.80 this week signal for AMD?

A greater than 1% close above $157.23, at $158.80 or more, would signal continued strength targeting $186 in 2-3 months.

What levels could AMD pull back to if it closes below $157 resistance?

Closes this week at or below $157.23 could see AMD pull back toward $125 and possibly $102 later this year.

Where could selling pressure be contained on any pullback?

The rising 1/3 speed line near $124.70 could contain selling pressure over 2-3 months if AMD pulls back.

What prior support could AMD find on a pullback?

The June 2023 high around $133 could provide support if AMD pulls back from current levels.

What would firmly signal upside conviction for AMD?

AMD closing firmly above the $157 resistance would signal bullish conviction for further upside.

Over what timeframe is AMD's key resistance currently being tested?

AMD is testing longer-term 6 year resistance around the $157 level this week, which will help determine the coming months' trend.

What strategies are recommended based on how AMD acts at resistance?

If AMD holds below $157, selling long positions and trading the short side is recommended until confirmation above $157.80. If AMD breaks out above $158.80, staying long and adding on dips is advised.