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 (https://seekingalpha.com/news/3633243-amd-gets-second-upgrade-this-week-wells-fargo-sees-hpc-server-gains) 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: https://twitter.com/GarySMorrow/status/1300455305713602561?s=20. 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