AMD is consolidating

Note: This section contains information in English only.
Source: Dukascopy Bank SA


AMD announced in its autumn quarterly earnings event that it has developed a chip that is set to compete with NVidia and take away a market share from it. After the event, the company's stock price surged in a channel up patter. Afterwards, the expectations of possible Federal Reserve rate cuts boosted the surge and caused parabolic gains that broke the channel. Most recently, the realization that there will be no Fed rate cut in March started a consolidation of the stock price.

From a technical perspective, the stock met resistance in the 179.50/185.00 range and then declined to the support of 162.70/166.00.

In general, the most likely scenario is that the stock continues to trade between these two ranges until the pair reaches the ascending trend line that has acted as support to the broad surge. In addition, the 50-day simple moving average is following the trend line close by and could soon strengthen it.

Afterwards, a potential resumption of the surge would have to break the 179.50/185.00 range, before new high levels are booked. A breaking of the range is expected to face resistance near 190.00 and 200.00.

If the support line and the 50-day SMA fail to push the price up, watch whether the 162.70/166.00 range continues to act as support. A move below the support zone is likely to result in a decline to 150.00.
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