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Can the AMD Stock Rally be 23% to $ 33?

Shares of advanced micro units (AMD – Get Report) continue to move higher; up more than 9% on Wednesday alone. The move comes among several good news.

First, AMD received a positive analyst note from Nomura. They initiated the stock with a purchase rating and hit a price of $ 33 on the name. This meant that up to 23% were up on the stock of the last things, although the remaining upside is limited after Wednesday's big rally. Second, reports have discovered that AMD is set to have a strong second half in 2019, with demand for the components.

Other names like Nvidia (NVDA – Get Report) and Micron (MU – Get Report) gather on the day as well.

Investors who buy now want to enter, while the AMD stock is still poorer, hoping that a strong second half will drive it higher, maybe even to new heights. Can AMD come back to $ 33, where it last topped in September and hit even higher? Let's look at the charts.

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Trading AMD Stock

  10-month daily map of AMD shares.
10-month daily map of AMD stock.

The AMD stock rises in the day, so much is clear. But there is still unclear if it will run out of steam here in the short term or continue to climb higher. At one point, the shares were up almost 12% the day after the opening near the last high of $ 28, before pushing up over $ 29. The AMD share has done a great job jumping along the channel support as well as the 200-day moving average. However, for the bulls to keep momentum, they must be dive buyers of this name and look for jumps on 20-day and 50-day moving averages.

I feel that the AMD stock has the wind in its back, but that being said, stocks are definitely expanding and I won't be surprised to see it light again. About $ 30 may be a difficult place to push through at the beginning, and then a $ 28 pullback and hold will be pretty bullish for more upside. Under $ 28 and bulls are likely to look into buying a 20-day moving average test. If it fails, $ 25 is the next level of support.

If the AMD stock continues to push higher without withdrawing, look for ~ $ 30 and the back of previous behavioral resistance to act as support when it eventually cools.

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