Semiconductor stocks have been on fire in recent months after the global chip shortage that has rocked the market and affected a wide variety of companies across different sectors.
According to some analysts, AMD shares could rocket higher and break the $100 price level, as the demand for its chips are expected to produce strong annual sales in its next earnings report.
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In the long-term, monthly price chart of AMD’s share price, it’s clear to see the recent uptrend that started in 2015.
However, for much of this year the share price has remained in a tight range. In the daily chart below, it’s clear to see the horizontal support around $74.00.
This has helped to lift the share price and break through the descending resistance line, confirming that buyers are in control.
Now the price cycles have created a series of higher highs and higher lows, suggesting more upsides could be likely. Currently, price sits at historical support from the previous high around $84.50.
This could provide the platform for buyers to build towards the top of the longer-term range around $100. It’s a stock to watch!
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The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:
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