Advanced Micro Devices Inc. (NASDAQ: AMD) shares continued to push higher Thursday after a solid earnings announcement was made Tuesday.
The company reported earnings per share of 63 cents, beating the estimate of 54 cents per share. The company also. reported quarterly revenue of $3.85 billion, beating the estimate of $3.62 billion.
AMD was up 5.99% at $103.80 at last check Thursday.
See Also: What’s Going On With AMD‘s Stock Today?
AMD Daily Chart Analysis
- Shares look to be breaking out of resistance in what technical traders call an ascending triangle pattern.
- The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
- Each of these moving averages may hold as an area of support in the future.
Key AMD Levels To Watch
- The ascending triangle looks to be breaking out after trading within the pattern since around September 2021.
- The $100 level has held as resistance in the past, and the higher low trendline built up to this level before the stock was finally able to cross above.
- The Relative Strength Index (RSI) has been moving higher the past couple of weeks and now sits at 78, well into the overbought range. The RSI with a resistance break is a promising sign that the stock is seeing a breakout.
What’s Next For AMD?
Bullish traders are looking to see the stock make a nice bullish push as it breaks out. Following, bulls want to see the stock be able to hold the gains from the breakout and hold the $100 level as support.
Bearish traders would like to see the stock fall back below the resistance line and continue to move lower. Bears would then eventually like to see the stock cross below the higher low trendline, and the moving averages for a potential change in trend and sentiment.
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AMD Stock – Advanced Micro Devices, Inc. (NYSE:AMD) – Advanced Micro Devices Is Breaking Out: Is This It For Bears?
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