On October 1, we highlighted an opportunity in Advanced Micro Devices (AMD), as it traded at $102.45. Today, it’s up to $106.45. If AMD can now break above prior resistance around $108.44, it could potentially test its August high of $114.49.
We still like AMD at current prices.
In addition, Piper Jaffray analyst Harsh Kumar recently raised his price target on AMD to $120 from $110, with an overweight rating. The analyst also believes AMD is “very well positioned” as enterprise spending returns, as noted by TheFly.com.
As for new opportunity, take a look at Microsoft (MSFT).
Technically, the MSFT stock is oversold. After pulling back from double top resistance around $306, the stock pulled back to about $281.29, where it became wildly oversold on RSI, MACD, and Williams’ %R. The stock is now back to $296, and could retest prior highs of $306 again.
MSFT also just raised its dividend to 62 cents a share, or $2.48 annualized — payable on December 9. 2021 to shareholders of record on November 17, 2021. MSFT also just approved a new $60 billion buyback program.