The shares of chipmaker Advanced Micro Devices (AMD) reached all-time high of $94.28 on September 2. The equity recently plunged to pressure at its previously supportive moving average, down 10.1%. Investors shouldn't be discouraged just yet, though, especially considering a bullish trendline has just emerged. And if history is any indicator, it could send the stock right back up the charts.
Fundamentals are also supporting to cosider AMD as a better choise for investent comparing to it is rival Intel. Intel recently has announced further delays in producing its seven-nanometer server processors, while AMD will already be moving on to more advanced chips. AMD's Zen 3 Milan chips will start shipping later in 2020, while the Zen 4 five-nanometer chips are in development.
We think the AMD stock will head for $100 range, taking momentum from the beginning of October; the new AMD Zen 3 CPU architecture is to be unveiled Oct. 8, and RDNA2 GPU architecture is scheduled for release Oct. 28. AMD promises big performance and efficiency gains in their upcoming technologies.