Advanced Micro Devices Inc. (AMD) stock price declined during its latest intraday trading, amid the dominance of a short-term corrective bearish wave and following the earlier break of a major upward trendline. The stock continues to face negative pressure as it trades below its 50-day simple moving average, which reinforces the bearish outlook. In addition, a negative crossover is beginning to appear on the RSI after reaching overbought territory, adding further downside pressure to the price.
Therefore we expect the stock price to decline during upcoming trading sessions, as long as it remains below the resistance level at $216.70, targeting the support level at $186.65.
Today’s price forecast: Bearish
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