Advanced Micro Devices
Nearest Resistance: $3.70
Nearest Support: $3.30
Catalyst: Technical Setup
Shares of Advanced Micro Devices (AMD - Get Report) have spent most of the last six months trading in a haphazard range, bouncing between the $3.20 level and $4.60 topside. That's worth bringing up because AMD is seeing high volume for technical reasons this week. What's interesting about AMD is that this stock is extremely technically obedient -- it's exhibited a lot of textbook trades over the last few months. But those trades have been quick, so traders who want to take advantage need to be nimble.
Most recently, AMD broke out of an inverse head and shoulders bottom after being very oversold heading into February. Resistance at $3.70 looks a lot weaker than support at $3.30. AMD could have a lot further to move before it fizzles out.
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-- Written by Jonas Elmerraji in Baltimore.