Chart of the Day: Advanced Micro Holds Previous High

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Advanced Micro Devices has sat calmly with other AI chip stocks rallying, but some traders may see upside potential.

The first pattern on today’s chart is the series of lower highs between mid-August and mid-September. AMD is now past that falling trendline, which could suggest the downtrend is fading.

Second is the November high of $150.71. AMD crossed that level in mid-July and …

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

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

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About the author

David Russell

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than 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.
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