Advanced Micro Devices (AMD)

by | Jan 12, 2022 | Daily Trade Alerts

Over the last several weeks, we’ve highlighted stocks, such as:

  • Best Buy (BBY), which ran from $99.47 on 12/29 to $102.75
  • Steel Dynamics (STLD), which ran from $61.50 on 12/27 to $68
  • Cleveland-Cliffs (CLF), which ran from $20.34 to $22.65
  • TG Therapeutics (TGTX), which ran from $17.56 to $20.69
  • Pfizer (PFE), which ran from $44.68 to a recent high of $57
  • Bristol Myers Squibb (BMY), which ran from $57.31 to $65.10

While we’ll have many more to share, we wanted to see how you’re doing with them so far when you have a free second. We’d really appreciate the feedback.

Today, weakness in Advanced Micro Devices (AMD) may be an opportunity.

After pulling back from $155, the stock just caught support around $125, and is just starting to pivot higher. Even RSI, MACD, and Williams’ %R appear to have bottomed out. Better, with momentum returning, we’d like to see AMD test its prior high of $155, and even $165.

AMD is also running on an upgrade to overweight from analysts at KeyBanc, which has a price target of $155. The firm also believes AMD is “poised to benefit from robust cloud data growth in 2022,” as noted by Barron’s.

In addition, AMD CEO Lisa Su told CNBC that she’s “very optimistic” about 2022 thanks to strong demand, as noted by Seeking Alpha. The head of AMD told CNBC that PC demand will drive sales during the year, in part as companies continue to solidify hybrid working schedules that often require more powerful computers for employees.”

Again, recent weakness in AMD may be an opportunity.

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