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Asset Watch
Thursday, January 18, 2024
Yet, with the stock confronting an ominous technical backdrop, is caution warranted in the weeks ahead?
AMD ended the Jan. 16 session near the record high set in 2021, which means it’s up against resistance. The stock also has run away from its 50-week moving average, and the white arrows show how the last two times AMD went vertical and left its 50-week MA in the dust, substantial pullbacks followed. And as another decoupling presents itself on the right side of the chart, the risk-reward seems unattractive.
On top of that, AMD’s weekly RSI is diverging. When the stock hit its May 2023 highs near $130, its weekly RSI approached 78. The stock is now closer to $160, while its weekly RSI is near 73. This signals decelerating momentum, which often precedes pullbacks.
So, should you avoid AMD in the short term, or can the bull run continue?
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