Advanced Micro Devices Inc. Shares (NASDAQ: AMD) were trading higher on Thursday after the chipmaker and Google Cloud announced T2D.
T2D is the first in a new family of Tau virtual machines powered by a third generation AMD EPYC processor.
Advanced Micro Devices stock was trading up 6.11% on the last check at $ 85.
Daily graphical analysis of advanced micro-devices
- The shares continue to form what traders call a technical configuration ascending triangle. The pattern has been forming since the end of 2020.
- The stock is trading above the 50-day moving average (green) and passed the 200-day moving average (blue) on Thursday, indicating sentiment for the stock is turning bullish.
- Each of these moving averages can be a support area in the future.
Main advanced levels of micro-devices to monitor
- The stock recently rebounded off the lower trendline and has since risen, moving away from the trendline into the ascending triangle.
- The higher low trendline has served as support since November 2020 and may again in the future.
- The stock hits a resistance level near the $ 100 mark, as this was an area where the stock previously could not break through.
What’s next for advanced micro-devices?
Bullish technical traders would like to see the stock continue to build higher lows and hold above the lower trendline. The bulls would also like to see action to cross the $ 100 resistance level.
Bearish technical traders would like to see the stock move below the lower trendline for a possible trend change. If the action can pass below the moving average, the feeling can become bearish.
Advanced Micro Devices is one of the top 10 holdings of the following ETFs: VanEck Vectors Video Games & Esports ETF (NASDAQ: ESPO), Esoterica NextG Economy ETF (NYSE: WUGI) and Invesco Dynamic Semiconductor ETFs (NYSE: PSI).
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