New York, November 30th (TradersHuddle.com) - Shares of Advanced Micro Devices, Inc. (NYSE:AMD) closed the session at $2.04 just above calculated resistance at $1.97. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $1.84 and resistance at $1.97. Given that this range was broken, traders will be closely monitoring Advanced Micro Devices' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Advanced Micro Devices is still near the broken resistance level, traders will be focusing on the $1.97 level to see if the stock holds the breakout without rolling over.