Chipmaker Advanced Micro Devices (AMD) remains near the top of the Green Favored Zone in the SIA S&P 500 Index Report after moving up 9 spots yesterday to 6th place.
A major breakout is underway in Advanced Micro Devices (AMD) which rallied to a new all-time yesterday, completing its second bullish Ascending Triangle pattern of the year and signaling the start of a new upleg. Next potential resistance tests on trend appear near the $100.00 round number, then the $106.00 to $108.00 range where a cluster of measured moves appears. Initial support appears near the $86.00 breakout point, then trend support near $82.00.
Coming off of a 52% rally in July out of a Quadruple Top breakout, Advanced Micro Devices (AMD) staged a moderate 10% correction in August. Recently, the shares have resumed their primary uptrend, with yesterday’ breakout over $87.00 completing a bullish Double Top pattern and signaling the start of a new upleg.
Initial upside resistance appears near $100.00 where a vertical count and a round number converge, followed by $110.40 based on a horizontal count. Initial support appears near $83.65 based on a 3-box reversal.
With a perfect SMAX score of 10, AMD is exhibiting near-term strength across the asset classes.
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