For AMD Bulls, This Is A Big Price Level Right Here
Jenny Rebekka | Jan 17, 2017 02:25PM ET
Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) corrected over the last two weeks (finally). The stock had been on a one way track from $2 in January 2016 to over $12 in December 2016. There had only been minimal pull backs all year long. That changed in January 2017. The stock fell from $12.40 to a low today of $9.81. This is a corrective move of 17.5%. More importantly, the stock finally hit a major support level as seen in the stock chart below. This now becomes a big level for the stock to hold and likely bounce trade. Advanced Micro Devices will likely see a near-term bounce off this level up into earnings on January 31st. For bullish investors, a buy at the current price is not a bad trade but make sure to exit prior to earnings.
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