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Where Could Advanced Micro Devices Stock Go After Company Announcement?

June 17, 2021 2:53 pm
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Where Could Advanced Micro Devices Stock Go After Company Announcement?

Advanced Micro Devices Inc. (NASDAQ:AMD) shares were trading higher Thursday after the chipmaker and Google Cloud announced T2D.

T2D is the first in a new family of Tau Virtual Machines powered by a third-generation AMD EPYC processor.

Advanced Micro Devices stock was trading 6.11% higher at last check to $85. amddaily6-17-21.png

Advanced Micro Devices Daily Chart Analysis

  • Shares continue to form what technical traders call an ascending triangle pattern. The pattern has been forming since late 2020.
  • The stock is trading above the 50-day moving average (green), and crossed above the 200-day moving average (blue) Thursday, indicating sentiment in the stock is turning bullish.
  • Each of these moving averages may hold as an area of support in the future.

Key Advanced Micro Devices Levels To Watch

  • The stock recently bounced at the higher low trendline and has been moving up, away from the trendline in the ascending triangle pattern since.
  • The higher low trendline has acted as support since November 2020 and may again in the future.
  • The stock is building up to a resistance level near the $100 mark, as this was an area where the stock previously was unable to cross above.

What’s Next For Advanced Micro Devices?

Bullish technical traders would like to see the stock continue to build higher lows and hold above the higher low trendline. Bulls would also like to see the stock cross above the $100 resistance level.

Bearish technical traders would like to see the stock cross below the higher low trendline for a possible trend change. If the stock can cross below the moving averages, sentiment may turn bearish.

Advanced Micro Devices is a top 10 holding in the following ETFs: VanEck Vectors Video Gaming and eSports ETF (NASDAQ:ESPO), Esoterica NextG Economy ETF (NYSE:WUGI) and Invesco Dynamic Semiconductors ETF (NYSE:PSI).

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