Advanced Micro Devices Stocks: Trading Idea for 11/10/2023
Chip manufacturer Advanced Micro Devices (AMD) has announced plans to acquire artificial intelligence startup NOD in an attempt to catch up with its rival, Nvidia (NVDA). The latter is a leader in the production of AI chips.
Today, we are focusing on the Advanced Micro Devices (NASDAQ: AMD) stock chart.
On the D1 timeframe, support has formed at 104.89, with resistance at 107.89, which was swiftly broken through on Tuesday 10 October. Additionally, the chart broke out of the descending wedge, surpassing the descending trend line, which may indicate the beginning of an uptrend.
On the H1 timeframe, the short-term target for the price increase is around 121.80, while in the medium term, it could potentially reach 150.33.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Today, we are focusing on the Advanced Micro Devices (NASDAQ: AMD) stock chart.
On the D1 timeframe, support has formed at 104.89, with resistance at 107.89, which was swiftly broken through on Tuesday 10 October. Additionally, the chart broke out of the descending wedge, surpassing the descending trend line, which may indicate the beginning of an uptrend.
On the H1 timeframe, the short-term target for the price increase is around 121.80, while in the medium term, it could potentially reach 150.33.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.