AMD into the Stratosphere
AMD up nearly 60% in 2 months since the October Low. Now trading on 51x next years earnings. So not cheap. Good indication though MI300x GPU Nvidia competitor will sell well.
Definitely not a stock to accumulate, but one to think about trimming.
Sell Orders currently perched at $162 and $168 for a total of 25% of the position. We're only 2 months into this uptrend. But, AMD tends to top out before the major indices. Stock could either pop up over the upper trend line, or break the middle trend line. Watching very closely over next couple of days. If the stock does break the middle trend line, I expect the stock to continue upwards to target new trend highs into January.
If the price doesn't break down here, nothing stopping AMD from breaking into new highs, following SMH and QQQ. Will heavily trim IF the 170's achieved.
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with a regulated financial advisors before engaging in any trading activities.
