The post AMD stock price prediction appeared on BitcoinEthereumNews.com.

With an artificial intelligence (AI) revolution in full swing, one would think that all semiconductor stocks would replicate the success of Nvidia (NASDAQ: NVDA). However, some are struggling, primarily, in fact, it appears due to their rivalry with Jensen Huang’s semiconductor company, with Advanced Micro Devices (NASDAQ: AMD)  a clear example. Compared with other semiconductor producers, AMD stock is one of the weaker performers across the stock market in 2024, as it managed only a 12% year-to-date gain, compared to Nvidia’s 172.91% and Taiwan Semiconductor’s (NYSE: TSM) 79.46%. AMD stock YTD price chart. Source: Finbold Other semiconductor stocks also posted considerable gains in 2024, with Broadcom (NASDAQ: AVGO) up 66.95% and Super Micro Computer (NASDAQ: SMCI) gaining 227.44% on a year-to-date basis. Technical indicators point towards a possible trend reversal for AMD stock AMD stock is experiencing a rising trend channel in the medium to long term, indicating that investors have been consistently buying the stock at higher prices, reflecting positive company development contrary to negative performance in the previous months.  Technical indicators for AMD stock. Source: Trading View Currently, the stock is positioned between support at $141.16 and resistance at $184.62. A decisive breakthrough at either of these levels will likely determine the stock’s new direction.  However, the relative strength index (RSI) curve shows a downward trend, which could be an early signal of a potential price decline. Additionally, AMD shares are trading at $155.36 below its 5-20-50 simple moving averages, indicating a recent bearish trend. The recent period has been tough for AMD stock Since announcing earnings at the end of April, AMD stock has had a tough time finding its footing, especially considering firm prospects in a fight with Nvidia over the semiconductor market share. Many analysts don’t see AMD as strong enough to turn the tide…

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Filed under: News - @ June 18, 2024 5:24 pm