Through the recent stock market sell-off, many stocks have retested lows from 2009, and some stocks have even halted trading all together.
But what if I told you there’s a semiconductor company that despite a market selloff is trading in the same range it was prior to the stock market crash of Q1, 2020…
Advanced Micro Devices (NYSE: AMD) is probably the only stock I’ve traded in 2020 which has yet to close a trading session below its 200-day simple moving average line, the most powerful technical indicator you’ll come across on a stock chart.
As a matter of fact, in addition to Advanced Micro Devices featured as one of the top 20 stocks with which financial professionals are engaging in this week, financial analyst Kim Scott of the Ivy Growth Fund stated the following:
Currently trading less than a dollar above $54/share support, Advanced Micro Devices could be setting up for a nice run toward recent highs of $60/share or more, market depending.
Should Advanced Micro Devices trade above $54/share support, I’ll be interested in placing a bullish trade, especially if Kim Scott’s bullish statements are followed through by more bullish statements from fund managers, or maybe even an upgrade!
While I do enjoy trading stocks long and short, Advanced Micro Devices is a very risky short given the fact that it goes up much more often and much faster than it goes down. Therefore, I’ll avoid fighting its bullish trend, and keep my eyes open for only a bullish trading opportunity in the days and weeks ahead.
Yours for TrackStar trading,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.