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More Upside in Advanced Micro?

Long
NASDAQ:AMD   Advanced Micro Devices Inc
Advanced Micro Devices rallied hard on strong results in late July. Now almost two months later, the chip stock may be ready for another move.

Notice the slow and lazy pullback since early August, which resolved with a quick test under $100 on Monday. AMD came within $0.28 of its previous peak from January 11. That might be close enough to say old resistance is new support.

Next, the 50-day simple moving average ( SMA ) has steadily risen and price is now bouncing at it.

Third, stochastics have dipped into oversold territory.

Finally, Bollinger Band Width is back toward the lower end of its typical range. That, combined with the successful retest of old highs, may suggest price action is ready to start expanding again.

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