02-28-2017, 06:44 AM
Here is an alternative view of AMD, from The Street:
- Nearest Resistance: N/A
- Nearest Support: $14
- Catalyst: Technical Setup
Shares of Advanced Micro Devices (AMD) are enjoying a 5.9% rally this afternoon, boosted by a bullish technical setup that's been propelling shares higher since the start of 2016. Now, AMD is starting the week with a breakout through a minor resistance level at $14, a price move that clears the way for more upside in the weeks ahead. AMD's rally may seem extended at this point, but the technicals indicate that there's still time to buy for investors who want to ride this stock's momentum. If you get into AMD here, consider parking a stop on the other side of the 50-day moving average.
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There is certainly an uptrend, and there is also a breakout and the RSI's usefulness as a technical indicator is mostly restricted to non-trending stocks. Still, with the market already stretched and AMD as well, it doesn't seem a good long position from here (now $15+) to us.