By Mill Chart
Last update: Jan 15, 2024
Our stockscreener has identified a possible breakout setup on ADVANCED MICRO DEVICES (NASDAQ:AMD). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:AMD for potential opportunities.
ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.
We assign a technical rating of 10 out of 10 to AMD. Both in the recent history as in the last year, AMD has proven to be a steady performer, scoring decent points in every aspect analyzed.
Our latest full technical report of AMD contains the most current technical analsysis.
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:AMD has a 9 as its setup rating, indicating its current consolidation status.
AMD has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 147.42. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 143.45, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.
Our Breakout screener lists more breakout setups and is updated daily.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
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