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AMD Follows In Nvidia’s Footsteps And Pushes Higher – Advanced Micro Devices (AMD)


Superior Micro Units Inc. (NASDAQ:AMD) shares traded larger Thursday, seemingly in sympathy with different chip shares.

NVIDIA Corp. (NASDAQ:NVDA) surged greater than 12%, main the way in which and pushing the remainder of the sector up.

AMD closed up 5.3% at $137.50.

See Additionally: Nvidia Analyst Hikes Worth Goal By 30% On $10B Alternative Introduced By The Metaverse

AMD Every day Chart Evaluation

  • The inventory broke out of what technical merchants name a pennant sample and has been flying larger since.
  • The pennant sample occurs when the value is pinched between narrowing highs and lows and has nowhere left to go, and sees a big transfer in the identical course because the break of both sample help or resistance.
  • The inventory trades above each the 50-day transferring common (inexperienced) and the 200-day transferring common (blue), indicating the inventory is seeing bullish sentiment.
  • Every of those transferring averages might maintain as a doable space of help sooner or later.
  • The Relative Energy Index (RSI) continues to push larger and now sits at 83 on the indicator. This reveals the inventory is effectively into the overbought vary the place shopping for stress is closely outweighing promoting stress.

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What’s Subsequent For AMD?

Bullish merchants wish to see AMD proceed to rise, however ought to take warning because the inventory may drop and see a interval of consolidation at any time. Bulls are searching for this consolidation so the inventory can keep transferring upward at a wholesome progress price.

Bearish merchants want to see the inventory fall again decrease and ultimately attain the place it traded within the pennant sample. Extending the sample help reveals a better low trendline the place the inventory may bounce. Bears want to see the inventory drop beneath this potential help line for possible additional downward actions.

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