AMD remains n a longter-term uptrend with multiple support levels in place
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Disclaimer: The levels discussed were taken from an AMD chart on July 1, so price action may have shifted the chart.
Chip powerhouse Advanced Micro Devices Inc (NASDAQ:AMD) is still on a warpath after taking out Intel (INTC). It's now looking at Nvidia (NVDA) and gaining ground on the artificial intelligence (AI) front quickly. There is a strong, long- term uptrend on the weekly chart, with a trendline of higher lows since December 2018. The stock reclaimed its 200-week (green) and 52- week (blue) moving averages, as well as half its all-time high. at $113.65.
The shares also took out the 50% Fibonacci retracement of their Dec. 18 low and record high, at $121, breaking above a trendline of descending highs. Plus, the 20- week moving average is turning higher.
Through the August series, peak put open interest (OI) is at $110, while heavy put OI is at $115, $120, and $125. There is a pause near peak call OI at $130, right now, but a breakout could kick off a spike through several deep- out- of- the- money strike calls ($155 and $160), prompting market makers to adjust their hedges and potentially add to the rally. The last significant call OI strike is at $200. The stock is a buy down to $110 and up through $140.