Chart of Day: Advanced Micro Devices (AMD) Exploding as Hoped
Just a few days ago, we said, “Keep an eye on oversold shares of Advanced Micro Devices (AMD). Now at $130.18, AMD is technically over-extended on RSI, MACD and Williams’ %R. From here, we’d like to see an initial retest of $150.”
Today, AMD is up to $141.13 and could retest $150 again shortly.
Helping, analysts at Wells Fargo just raised their price target on AMD to $205 with an overweight rating. As noted by TheFly.com, “Wells Fargo views AMD’s $665M all-cash acquisition of Silo AI, the largest private AI lab in Europe as a positive tactical and strategic move focused on deepening AMD’s internal open-source AI software expertise.”
Even better, Piper Sandler just said recent losses could offer a “tremendous opportunity” for investors thanks to the AI boom.
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