Looking at the daily chart also paints a bullish picture in the near term, Keene continued. On more than one occasion in 2017, AMD's stock traded off the $10 level and moved higher, which leads him to believe that the stock can find "support" on the downside at $10. On the other hand, the stock tried to break above the $15 per share level was unable to do so.
But averaging the $10 support level and $15 resistance levels yields an average breakout level of $12.50 — a key level the stock broke through this week.
Bottom line, AMD's stock appears to have "more movement to the upside" and investors may consider buying any pullback moving forward.
Related Links: As All Eyes Turn To AMD, Intel Has Scheduled Its Own Launch Event In July Despite Sustainability Concerns, Analyst Getting Positive On Nvidia And AMD Fundamentals© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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