2\/ Candlestick AMD Chart Rallies Up Off Successful Support Test<\/strong><\/strong><\/p>\n\n\n\n 3\/ Point and Figure AMD Chart Approaches a Potential Key Resistance Level<\/strong><\/p>\n\n\n\n Investopedia is partnering with CMT Association on this newsletter. The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n After struggling relative to its peers through the summer, Advanced Micro Devices Inc.* (AMD) has rapidly climbed back up the relative strength rankings in the SIA S&P 100 Index Report. It exited the red Unfavored zone at the end of October, and by mid-November, it returned to the green Favored zone for the first time since July.<\/p>\n\n\n\n Currently, AMD is in 8th place, up 20 spots in the last month with the shares up 13.1%, compared with a 4.3% return for the corresponding index over the same time frame.<\/p>\n\n\n\n Since bottoming out a year ago, Advanced Micro Devices Inc.* (AMD) has been under renewed accumulation, establishing a new uptrend of higher lows. A summer correction was contained by an uptrend support line near $95.00 back in October. Since then, advances have resumed with the shares trading higher or nearly flat for the last six weeks.<\/p>\n\n\n\n Coming off of two weeks of consolidation near $120.00, the shares have broken out over $125.00 and are approaching $130.00 resistance. A close above that level would complete a bullish ascending triangle pattern and signal the start of a new up-leg. Should that occur, next potential resistance may appear near $165.00, where a measured move converges with the late 2021 peak. Initial support appears at the 10-week moving average near $113.40. <\/p>\n\n\n\n Back in October, a summer downswing in Advanced Micro Devices Inc.* (AMD) bottomed out in a bear trap where they broke down by one row, then quickly rebounded. Since then, the shares have not looked back, climbing 15 rows or about 30% without even a 3-box correction. Along the way, AMD has snapped a downtrend line and completed bullish Double Top, Spread Double Top and Spread Triple Top breakouts.<\/p>\n\n\n\n Currently AMD is bumping up against its June high. A breakout close above $129.35 would confirm the start of a new advance. Should that occur, next potential resistance tests on trend may appear near $134.55, where a horizonal count and previous low converge, then $151.55 and $164.05 based on previous X column highs. Initial support appears near $117.15 based on a 3-box reversal. <\/p>\n\n\n\n With a perfect SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, AMD is exhibiting short-term strength across the asset classes.<\/p>\n\n\n\n —<\/p>\n\n\n\n Originally posted 8th December 2023<\/p>\n","protected":false},"excerpt":{"rendered":" After struggling relative to its peers through the summer, Advanced Micro Devices Inc.* (AMD) has rapidly climbed back up the relative strength rankings in the SIA S&P 100 Index Report. It exited the red Unfavored zone at the end of October, and by mid-November, it returned to the green Favored zone for the first time since July.<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,9,22,23,26,3],"tags":[1544],"contributors-categories":[13686],"class_list":{"0":"post-199939","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-macro","7":"category-north-america","8":"category-securities","9":"category-stocks","10":"category-technical-analysis","11":"category-text-articles","12":"category-traders-insight","13":"tag-amd","14":"contributors-categories-investopedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\n1\/ Advanced Micro Devices Keeps Rising Up the Rankings<\/strong><\/h2>\n\n\n\n
![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/1-10-1100x197.png\")
<\/figure>\n\n\n\n2\/ Candlestick AMD Chart Rallies Up Off Successful Support Test<\/strong><\/h2>\n\n\n\n
![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/2-6-1100x682.png\")
<\/figure>\n\n\n\n3\/ Point and Figure AMD Chart Approaches a Potential Key Resistance Level<\/strong><\/h2>\n\n\n\n
![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/3-6.png\")
<\/figure>\n\n\n\n