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4 Tech Stocks Under $10 Spiking Higher

Advanced Micro Devices

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Advanced Micro Devices (AMD - Get Report) is a semiconductor company with manufacturing, research and development, and sales and administrative facilities throughout the world. It provides processing solutions for the computing and graphics markets. This stock closed up 11.8% to $2.74 on Wednesday.

Wednesday's Range: $2.59-$2.75

52-Week Range: $1.81-$8.35

Volume: 66.20 million

Three-Month Average Volume: 26.24 million

Shares of AMD ripped higher Wednesday after the company reported revenue that topped Wall Street estimates.

From a technical perspective, AMD soared higher right above its 50-day moving average of $2.33 with massive upside volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $1.81 to its recent high of $2.78. During that move, shares of AMD have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed AMD within range of triggering a major breakout trade. That trade will hit if AMD manages to take out some near-term overhead resistance levels at $2.78 to $2.80 with high volume.

Traders should now look for long-biased trades in AMD as long as it's trending above its 50-day at $2.33, and then once it sustains a move or close above those breakout levels with volume that hits near or above 26.24 million shares. If that breakout triggers soon, then AMD will set up to re-test or possibly take out its next major overhead resistance levels $3 to $3.28. Any high-volume move above $3.28 could then put $3.50 to $4 within range for shares of AMD.
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OCZ $0.00 0.00%
LTON $1.02 -15.70%
AMD $2.33 0.00%
GRPN $2.90 0.00%
AAPL $117.81 0.00%


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