Select Page

Shares of AMD are piercing a key overhead trendline as the week comes to an end.  The stock is up just shy of 3% at mid day after receiving its second upgrade ( of the week.  AMD is extending its gain off key support($74=Sept/Oct/Nov lows) to 15% and is setting up well for a retest of the 2020 peak.

AMD has been consolidating in a narrowing range since late August.  We highlighted it on August 31:  This healthy action appears to be giving way to a fresh rally leg.  A key near term hurdle is the $89.00 area(Oct. high).  We view AMD as a low risk buy near current levels.  On the downside, a close back below $78.00 would indicate more consolidation is ahead before new all time highs can be reached.  

We are long AMD in our Tactical Opportunity Portfolio