Advanced Micro Devices (AMD) shares fell Thursday after gaining ground for six consecutive days amid optimism about recently announ𒀰ced AI deal💧s and share buyback plans.

The chip designer’s stock rallied to it highest level since early February on Wednesday after the company approved an additional ꦓ澳洲幸运5开奖号码历史查询:$6 billion to its share repu𓆏rchase plan, upping its buyback program to $10 billion. The buyback news came on the heels of the chipmaker and AI favorite Nvidia (NVDA) announcing Tuesday they would supply semiconductors 🍌to Saudi Arabian AI startup Humain as part of initiatives announced as President🌳 Donald Trump kicked off a four-day trip to the Middle East. 

AMD shares fell about 2% to just under $115 on Thursday. The stock is up 50% from its early-April low and has gained 17% since May 6, when the company posted better-than-expected earnings and an upbeaꩵt outlook driven by AI momentum.

Below, we take a closer look at the 澳洲幸运5开奖号码历史查询:technicals on AMD’s chart and identify cruc🐷ial price levels worth watching out for.

Momentum Accelerates

Since a 澳洲幸运5开奖号码历史查询:bear trap marked the bottom in AMD shares last month, the price has broken out above the 50-day moving average and a 澳洲幸运5开奖号码历史查询:descending channel, with gains accele♎rating in recent trading sessioꦕns.

However, while the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish price momentum with a reading above the 70 threshold, it also flashes 澳洲幸运5开奖号码历史查询:overbought 💎conditions, potentially ♚leading to a period of-near-term consolidation.

Let’s identify crucial 澳洲幸运5开奖号码历史查询:support and resistance levels on AMD’s chart that investorไs will likely be ൲watching.

Crucial Support Levels to Watch

A pullback in the shares could initially bring the $110 level into play. The shares may find support in this area on the chart near the October 2023 澳洲幸运5开奖号码历史查询:swing high, which also closely corresponds with a range of trading activity betweeღn February and May this year.

Further downside could see the shares revisit lower support around $96. Investors may seek buying opportunities in this location near a 澳洲幸运5开奖号码历史查询:horizontal line that connects three promine🔯nt troughs on the chart stretching back to the September 2023 low.

Important Resistance Levels to Monitor

A continuation of stock’s recent bullish momentum could propel a move northward toward $132, This area, currently just above the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average, may provide overhead selling pressure near last August’s notable 澳洲幸运5开奖号码历史查询:swing low and January’s countertrend high.

Finally, buying above this level opens the door for a rally up to the important $150 region. Investors who have 澳洲幸运5开奖号码历史查询:accumulated AMD shares at lower prices may decide to 澳洲幸运5开奖号码历史查询:lock in profits in this location near a trendline that links multiple 澳洲幸运5开奖号码历史查询:peaks and troughs on the chart from December 2023 to No꧃vember last year.

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