Will AMD stock continue to flow after the post-breakout of $120?

• AMD stock saw a massive recovery from the lows in the past weeks.
• Bulls are dominating the charts showing their giant muscles.

Advanced Micro Devices Inc. ( AMD stock ) was playing with the gains from the last weeks and traded in uncharted territory where bulls are looking to go beyond the eyesight of sellers. Moreover, the price action is too bullish and projects further gains with massive bullishness. The mighty bears were trapped and slipped their momentum and now folding their positions, resulting in the short covering move of the stock.

AMD stock was sailing on the top and projecting an inclined move from the lows of $55 during the start of 2023 and continuing to surge. Buyers continue to accumulate the stock and attain the grip with a gradual inclined move while holding the grip. This inclination makes sellers in a conservative state relocate their positions.

Advanced Micro Devices, Inc. is a global semiconductor company. The Company’s products include x86 microprocessors (CPUs), accelerated processing units (APUs), discrete graphics processing units (GPUs), semi-custom System-on-Chip (SOC) products, and chipsets for the personal computer (PC), gaming, datacenter, and markets

At press time, AMD stock was traded at $124.23 with a massive increase of 5.34% showing buying continuity. Moreover, the average trading volume in the intraday session was 77.318 Million. 

Will AMD fetch $150 this month?

The price action shows that AMD stock is in the hands of bulls, and they are enjoying the gains and are not willing to share with others. Moreover, bulls have traction and continue to surge above $120 in the last sessions showing a breakout of the resistance mark. 

AMD stock is near its ongoing hurdle of $130, which could be a make-or-break level. If it surpasses, the rally will extend towards $145 and $150. On the other hand, if AMD again retests the primary support of $110, if dropped below $120.

Short Term Charts Persist in Buying

On the short-term charts, AMD stock showed a bounce after retesting the mark of $120 and again heading toward $125. The technical parameters suggest a further follow of the action in the upcoming session with buying conviction.

The RSI is again lifted from the neutral marks, and a positive crossover was noted with an indication of a rally in price.

The MACD indicator also started to plot green bars and noted a bullish crossover in the last session showing that buyers again started to pump up the gains.

Conclusion:

AMD stock is showing a breakout of the rising parallel channel and indicating a follow on buying action in the upcoming sessions. Investors have kept their eyes on the stock for new positions.

Technical Levels:

Support Levels:$110

Resistance Levels:$130 and $142

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.