Stock of the day: AMD

In today’s analysis we’re taking a look at AMD, which appears on our portal quite frequently. This time, the situation is definitely bearish, but with small hope for buyers.

Why is the situation is bearish?

Well, it only requires one glimpse on the chart to see that AMD is falling down and is currently on the lowest level since July 2020. This is not really encouraging right? True, but the thing is the price is currently on two crucial supports.

The first one is the lower line of the falling wedge. All right, it may not be the strongest support in the world but it is good start.

The second one is the area around 58.5 USD (orange), which proved to be an amazing resistance in the first half of the 2020.

I’m not saying that this area will start a new long-term uptrend. It may be enough for a moderate bullish correction though. All we need for a short-term buy signal is the price coming back above the orange area. Chances for that are quite significant.