Today's BZ Chart: ET Tests Critical Support
After a steep and rapid downward trend, Advanced Micro Devices, Inc. AMD shares have reached critical support. In the event of a breakout, stocks could continue to fall.
But if the support holds, meaning the stock isn't trading below it, there could be a rebound.
Support is a large concentration of buy orders that have been placed around the same price levels. As you can see from the following graph, AMD supported around $73.50.
Sometimes when a stock falls to a support level, it stops falling and even rebounds. It happened with AMD in late 2020 and early 2021. AMD shareholders hope it happens again.
To learn more about trading, check out the new Benzinga Trading School.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After a steep and rapid downward trend, Advanced Micro Devices, Inc. AMD shares have reached critical support. In the event of a breakout, stocks could continue to fall.
But if the support holds, meaning the stock isn't trading below it, there could be a rebound.
Support is a large concentration of buy orders that have been placed around the same price levels. As you can see from the following graph, AMD supported around $73.50.
Sometimes when a stock falls to a support level, it stops falling and even rebounds. It happened with AMD in late 2020 and early 2021. AMD shareholders hope it happens again.
To learn more about trading, check out the new Benzinga Trading School.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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