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.
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