Trade of the Day
Advanced Micro Devices, Inc. (NASDAQ: AMD)
(Current Price: US$150.60) – TECHNICAL BUY
Buy price: US$150.60 Stop loss: US$141.00 (-6.37%)
Take profit 1: US$162.00 (+7.57%) Take profit 2: US$172.00 (+14.21%)
(1): Advanced Micro Devices, Inc. formed a double bottom at the US$145 level, which provides a bullish signal.
(2): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bullish view with bullish divergence signals while the double bottom was formed. The MACD also made a fresh bullish crossover with a higher low.
We expect the price to continue its rebound towards Take profit level 1 at US$162.00 to retest the recent swing high resistance level in late April 2024.
The price could then trade higher towards Take profit level 2 at US$172.00 to retest a higher horizontal resistance level in early April 2024.
Expected timeline of the trade is 1-8 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “BUY” with a target price of US$190.00.
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
