Shares of Advanced Micro Devices (NASDAQ:) pierced a key overhead trendline as the week came to an end. The stock is up just shy of 3% at midday after receiving its second upgrade of the week. AMD closed up 3.4% on the day, extending its gain off key support($74=Sept/Oct/Nov lows) to 15% and is setting up well for a retest of the 2020 peak.
AMD has been consolidating in a narrowing range since late August. We highlighted it on Aug. 31. This healthy action appears to be giving way to a fresh rally leg. A key near term hurdle is the $89.00 area (Oct. high). We view AMD as a low risk buy near current levels. On the downside, a close back below $78.00 would indicate more consolidation is ahead before new all-time highs can be reached.
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