AMD climbs alongside downward trend line - Analysis - 30-11-2022

Economies.com
2 months ago

AMD's stock rose in the intraday levels after a dip in post-close trading, with the research company Gartner expecting total industry earnings to fall by 4% next year as the economy weakens, with the stock barely rising 0.27% in the last session, or 20 cents, settling at 73.39, with trading volumes surpassing 51.8 million shares, above 10-day averages of 65.6 million shares. 

 

Technically, the stock is trading alongside the main downward trend line in the short term, with negative signals from the RSI after reaching overbought levels, countered by positive support from the 50-day SMA.

 

Therefore we expect the stock to decline and target the support of 62.83, provided it settles below the pivotal resistance of 71.60. 

 

Expected trend for today: Bearish

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