Is Advanced Micro Devices Breaking Out?

Published on Wednesday, 08 February 2012 08:28 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Advanced Micro Devices, Inc. (NYSE:AMD) closed the trading session at $7.13 just above calculated resistance at $7.12 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Advanced Micro Devices, Inc. (NYSE:AMD) manufactures semiconductor products. The Company manufactures products that include microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products. Advanced Micro Devices, the second largest chipmaker in the world, offers its products on a global basis.

Advanced Micro Devices' stock was trading in a well defined range with support at $4.82 and resistance at $7.12, given that this range was broken traders will be closely monitoring the stock