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Chart of the Day: More Upside in Advanced Micro Devices?

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Advanced Micro Devices rallied hard on strong results in late July. Now almost two months later, the chip stock may be ready for another move.

Notice the slow and lazy pullback since early August, which resolved with a quick test under $100 on Monday. AMD came within $0.28 of its previous peak from January 11. That might be close enough to say old resistance is new support.

Next, the 50-day …

For more, please click here to view the related idea and chart analysis on TradingView.

Advanced Micro Devices (AMD), daily chart with selected patterns, courtesy of TradingView.

About the author

David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.