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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.