Chart of Day: Advanced Micro Devices (AMD)
Just a couple week ago, we highlighted opportunity in Take-Two Interactive (TTWO).
“After testing a high of $171.59 on GTA VI hype, Take-Two Interactive (TTWO) plummeted to a recent low of $138.93 on the game’s delay,” we said. “Nowadays, with most of the negativity now priced in, oversold shares of TTWO are a bargain. Plus, it’s slowly starting to pivot higher from over-extensions on RSI, MACD, and Williams’ %R. From its last traded price of $141.72, I’d like to see it rally back to $171.59 with patience.”
Since that mention, TTWO ran from about $141 to a recent high of $148.33. From here, we’d like to see TTWO retest $155.
As for new ideas, keep an eye on Advanced Micro Devices (AMD).
After slipping to $140, it’s now up to $150.60. From here, we’d like to see it initially refill its bearish gap at around $160 a share.
Helping, JPMorgan just noted, “We believe that near-term the team is supply constrained, but given 2H supplier commitments and expanding supply, they are NOT capped at their $4B annual target,” Sur wrote in an investor note. “We believe the team can grow datacenter GPU revenue to $5B+ in CY24 and continue to take share from Intel in server and PC CPUs (we estimate 100 [basis points] of share gain in 1Q and 2Q server CPU share).”
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies