#Premarket Prep Technical Update - Advanced Micro Devices Trading Higher

Advanced Micro Devices

shares are trading higher by $0.10 at $2.67 in Monday's session. The catalyst for the rally was a bullish article in Barron's over the weekend. The article applauded the efforts of the company's CEO Lisa Su in revitalizing the company. By diversifying its product line, more sustainable growth may be end the result. That coupled with a $1B in new business, cost-cutting measures and better prices on credit default swaps, AMD may poised for a long overdue rally. Keep in mind, the issue is quite some distance off its all time high from March 2006 ($42.70) and much closer to its all time low made in November 2008 ($1.62), Technicians and momentum traders may be focusing on the psychological $3.00 level as trigger point to enter on the long side. It has not closed above $3.00 since October 8, when it ended the session at $3.28.