Advanced Micro Bounces After First Decent Pullback

NASDAQ:AMD   Advanced Micro Devices Inc
Semiconductors have been one of the stronger corners of the market, and Advanced Micro Devices has been one of the strongest names in the space.

AMD might be extended in price but that's a sign of its leadership. It just pulled back to test its 10-week simple moving average ( SMA ) for the first time since it started running in October. The stock is also coming out of a bullish inside week, with a higher low, lower high and higher close. It's now on the verge of breaking the top of that range at $50.85.

Guess what else? The recent chopping around $48 represents a consolidation above AMD's old highs from May 2000 at the peak of the dotcom bubble.

Going forward, swing traders will probably stay bullish on AMD as long as the 10-week SMA holds.


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