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Watch for Shares of Advanced Micro Devices (AMD) to Approach Resistance at $2.66
Jan 07, 2013 (SmarTrend(R) News Watch via COMTEX) --
Advanced Micro Devices (NYSE:AMD) has opened bullishly above the pivot of $2.56 today and has reached the first level of resistance at $2.62. Analysts will be watching for a cross of the next upside pivot targets of $2.66 and $2.76.
Advanced Micro Devices share prices have moved between a 52-week high of $8.35 and a 52-week low of $1.81 and are now trading 45% above that low price at $2.62 per share. The 200-day and 50-day moving averages have moved 2.4% lower and 0.22% lower over the past week, respectively.
There is potential upside of 4.5% for shares of Advanced Micro Devices based on a current price of $2.62 and an average consensus analyst price target of $2.74. The stock should hit resistance at its 200-day moving average (MA) of $4.55, as well as support at its 50-day MA of $2.20.
SmarTrend recommended that subscribers consider buying shares of Advanced Micro Devices on December 3rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.36. Since that recommendation, shares of Advanced Micro Devices have risen 9.7%. We continue to monitor AMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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