Share of AMD are setting up for a fresh rally leg. The stock is working on a 5th straight gain and is now up 10% from the March lows.
AMD is far from overbought and is just now beginning to lift off deeply oversold levels(daily/MACD)
The $74.00 area has proven to be a very solid support zone(held Sept/Nov/March lows).
We view AMD as a fairly low risk buy near current levels.
On the downside, a close back below $79 would violate the April low indicating more basing will be needed before a fresh rally leg can take hold.
Earnings are due April 27/PM.
We are long AMD in our Tactical Opportunity Portfolio.