A short/medium term idea on AMD (can be taken advantage of via options too).
Semiconductor shares have been hit harder than the overall market recently and could offer an opportunity on the upside. A short to medium play could be Advanced Micro Devices (AMD), which is starting to shape up well from technical perspective. I am looking for a break of the ‘arched’ downward trend, with a push through 21.20 being a trigger. the 200-day moving average has offered support as the price has retraced while the RSI is pending a break of resistance.
Currently $20.85 – but need to watch the open to determine entry
Looking at a push toward $24.
Stop-loss: 18.70 (depending on entry).