Is Advanced Micro Devices Ready for a Pull Back?
Published on Tuesday, 04 December 2012 08:32 Written by TradersHuddle Wire
New York, December 4th (TradersHuddle.com) - Shares of Advanced Micro Devices, Inc. (NYSE:AMD) closed the trading day at $2.36 well above its calculated resistance at $1.97. The move spurred concern among traders over a possible pullback in the stock price. The resistance level was calculated using a peak and throughs algorithm.
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 broke out of its defined range that had support at $1.84 and resistance at $1.97. Now the stock is working on developing a new trading range, which should be defined by the high reached after this breakout and its probable support at its previous resistance level at $1.97.
From a technical perspective, traders should wait to establish a position in Advanced Micro Devices until a base in the stock develops. This can help traders define risk before entering into a position, as it will provide good reference points to the upside and most importantly to the downside.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines