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Amid analysts’ bullish predictions for the stock price of Advanced Micro Devices (NASDAQ: AMD) as its historically successful ‘Advancing AI’ event approaches, the semiconductor behemoth has just confirmed a massive rally after breaking above the lower highs trendline. Specifically, AMD stock, which started its latest bullish leg in mid-August, is now at the 0.618 Fibonacci mark, where the past two bullish legs after the October 2023 bottom saw a technical pull-back, as observed by markets analyst TradingShot in a TradingView post on October 8. AMD stock price performance analysis and prediction. Source: TradingShot Indeed, according to the expert, the previous two rallies both included an increase of around +142%, and last week, they broke above the lower highs trendline, which, in line with the previous legs, indicates the “confirmation of the start of the long-term rally” toward a possible target of $295. “As a result, we have now validated that the Bearish Leg is behind us and any pull-backs this structure gives, will be buy opportunities.” It is also worth noting that the team over at the market analytics and trading platform TrendSpider observed that AMD stock was in an uptrend and that its breakout above the resistance could indicate a continuation of the bullish move, according to their X post on October 7. AMD stock price analysis For the time being, the price of AMD stock stands at $170.85, which indicates an increase of 0.08% on the day, a 6.69% gain across the week, adding up to the positive change of 24.66% on its monthly chart, as well as advancing 24.19% since the year’s turn, as per data on October 8. AMD stock price 7-day chart. Source: Finbold Meanwhile, the market is eagerly waiting for AMD’s artificial intelligence (AI) event that has historically delivered substantial returns for it and…

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Filed under: News - @ October 8, 2024 3:23 pm