Asset Watch
Thursday, April 18, 2024
AMD ended the Apr. 16 session above its 100-day moving average (near $163), and the metric has been a reliable trend indicator for some time. Similarly, the stock retested the breakout above the 2021 record highs, and the level is within ~$1.50 of the 100-day MA. As a result, both need to hold for the bull market to continue.
AMD also went from extremely overbought (RSI above 80) to approaching oversold (RSI below 35). The blue line at the bottom of the chart highlights how the indicator is near the 30 threshold, which often marks short-term bottoms.
So, is AMD a comeback candidate, or will support turn into resistance in the days ahead?