Stock of the day: AMD

In today’s stock of the day, let’s take a look at AMD, which finds itself under increasing selling pressure but is currently trying to defend a key technical level.

The crucial area here is the black uptrend line, which connects higher lows stretching back to 2020. This long-term support is now being tested, and although there was a brief bullish reaction, sellers continue to press. The line is being challenged consistently, and a confirmed breakout below this uptrend line would activate a strong long-term sell signal.

On the resistance side, AMD faces two important barriers. The first is the blue horizontal resistance, derived from the lows of the second half of 2023. A move back above this level would be the first early sign of strength. However, for a proper long-term buy signal, the price must also break the green downtrend line, which has been suppressing price since recent highs.

So, the current situation is a battle between key long-term support and nearby resistance levels. A decisive move is needed, and whichever side wins this fight will likely determine AMD’s direction for the coming weeks.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-amd-4