Advanced Micro Devices (NASDAQ: AMD), which has exhibited a noteworthy trend throughout 2023. The Year-to-Date Volume Weighted Average Price (VWAP) on AMD, as diligently tracked by TrendSpider on the 19, has persistently presented itself as an attractive buying opportunity for investors.
However, the latest market data portrays AMD trading at $100.34, a decline of $8.22 (-7.57%). Over the past five trading sessions, it has experienced a consecutive downward trajectory, culminating in a final bell closing price of -$1.27 (-1.25%) on Wednesday.
The critical price level of $100 looms as a pivotal threshold. A breach of this level could potentially usher in a period of heightened uncertainty and downward pressure. It is worth noting that this price movement aligns with broader trends in the semiconductor industry, as exemplified by the recent decline in NVDA and other chip stocks, precipitated by the Federal Open Market Committee (FOMC) sell-off, which typically impacts this sector first.
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Within this contextual backdrop, Finbold has harnessed the formidable capabilities of AI-driven technical analysis (TA), as provided by CoinCodex on September 21. The AI-driven analysis offers a tantalizing projection, suggesting that AMD shares are primed to reach $101.70 per share by October 1, 2023.
Notably, a one-month prediction anticipates a price of $119.86 from the time of this publication. However, as we extend our gaze to the three and six-month horizons, the forecast takes a more conservative turn, indicating that the stock may trade below the $100 mark. Looking a year ahead, the outlook projects even lower, potentially as low as $71.27.
AMD stock analysis
“According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 39 (Fear). AMD stock recorded 13/30 (43%) green days with 2.96% price volatility over the last 30 days. Based on our Advanced Micro Devices stock forecast, it’s now a good time to buy AMD stock because it’s trading 16.29% below our forecast,” it stated on CoinCodex.
A closer examination of the recent trading behavior reveals that AMD has navigated within a broad range spanning from $99.45 to $111.82 over the past month. Presently, the stock is positioned near the lower bound of this range, indicative of a bearish sentiment prevailing in the market.
To conclude, it’s pertinent to highlight key technical levels for AMD. A support zone ranging from $100.17 to $100.33 has been established, formed by a confluence of multiple trend lines across various time frames. Further bolstering this support is a trend line at $95.16 in the daily time frame.
Conversely, a resistance zone spanning from $104.35 to $107.29 is delineated by a convergence of multiple trend lines and significant moving averages across varying time frames. These technical zones merit close observation as they may serve as pivotal junctures in AMD’s price trajectory.
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