1 AMD stock price (NASDAQ: AMD) fell 10% in the past 2 trading sessions. 2 Advanced Micro Devices is expected to release quarterly earnings on Aug 1, 2023. 3 AMD share price struggles to hold the 50-day EMA. AMD stock price (NASDAQ: AMD) is reversing down after hitting the 52-wee...
- 1 AMD stock price (NASDAQ: AMD) fell 10% in the past 2 trading sessions.
- 2 Advanced Micro Devices is expected to release quarterly earnings on Aug 1, 2023.
- 3 AMD share price struggles to hold the 50-day EMA.
AMD stock price (NASDAQ: AMD) is reversing down after hitting the 52-week high at $132.83. It fell 10% approx in the past two sessions and showed signs of a bearish trend reversal.
Advanced Micro Devices Stock performed well in the past few months and it is up by 72% on a YTD basis. In the previous quarter’s earnings, AMD’s share price reacted positively and showed a steep rally of 64% from the swing low.
The momentum in AMD stock halted near $132.00 and prices witnessed minor profit booking from the higher levels. The downfall filled the previous gap near $115.00 but buyers seem like losing momentum.
AMD share price struggles to hold the 50-day EMA indicating sellers are active. If the prices drop below the 50-day EMA, then more downside will open. The 200-day EMA is trading near $95.00 which might act as a strong support for bulls.
AMD stock price is stuck in the wide range and buyers are trying to defend the $100.00 breakout level. The quarterly earnings are scheduled next week which might decide the next direction of stock.
Advanced Micro Devices closed the previous session at $110.25 with an intraday decline of -5.31%. The market capitalization stands at $177.54 Billion.
Will AMD Stock Decline Further or Bounce Back?
AMD stock price is in the initial phase of correction but the confirmation is still awaited. Presently, the price is trading with mild bearish cues and no signs of bounce back are visible.
Till AMD stock price sustains above $100.00, the possibility of bounce back remains high. However, the price will gain momentum when buyers succeed to break out of the $132.00 hurdle.
On the other hand, if the prices continue to decline further and drop below $100.00, then it might raise concerns for long-term investors. The technical analysis suggests that AMD stock is retracing down ahead of its quarterly earnings.
AMD Share Price Faced Rejection
AMD’s share price faced rejection from $132.00 and formed a long tail bearish candle on the weekly time frame. If the company succeeds to meet the analyst estimate, then the probability of bounce back will increase as well.
The MACD curve sloping sideways indicates prices might consolidate for some time before declining further. The RSI curve at 43 denotes weakness and might test the overbought territory in the upcoming weeks.
Conclusion
AMD stock price (NASDAQ: AMD) fell 10% in the last two sessions. However, the price is near its strong support and buyers are trying their best to rebound. The technical analysis suggests the downfall might take a halt near $100.00.
Technical Levels
- Resistance levels: $120.00 and $132.00
- Support levels: $107.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.