After dropping from about $203.55 to $145.29, Advanced Micro Devices (AMD) appears to have found strong support, and is just starting to pivot higher. Better, RSI, MACD, and Williams’ %R are starting to pivot, as well. From its last traded price of $157.40, we’d like to see AMD initially retest $180 a share.
Helping, AMD plays a big role with artificial intelligence, especially with data centers, which handle the workloads for AI. Better, according to CEO Lisa Su, that alone could create a $400 billion opportunity for the company by 2027. In addition, according to analysts at TD Cowen, the AMD stock could rebound to $200 a share over the next 12 months.
AMD is also scheduled to post earnings this Tuesday, April 30.