Stock of the day: AMD

By Tomasz Wisniewski |

Published: August 02 2022, 09:30 GMT+0

Stock of the day: AMD

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Earnings season is still open and today we’ll get data from AMD, Starbucks, BP and Uber. So, in today’s analysis we’ll show you the situation on AMD, which will publish its results after the market closes.

Sentiment on AMD is very positive and it seems that buyers aren’t waiting for the data’s release in order to jump in on this moving train. The buy signal on AMD was triggered on Friday, when the price managed to break two crucial resistances. The first one was the long-term down trendline (blue) and the second one was the neckline (red) of the inverse head and shoulders pattern (yellow). The price being above those two resistances is a strong indication of demand for AMD shares.

The buy signal is on as long as we stay above those two lines. The price coming down below them is possible, but not likely, unless the data disappoints, which will be clear to us pretty soon.

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