AMD is currently in a recovery phase after dropping to around $424. The stock has bounced back strongly and is now trading near $483, showing that buyers have stepped in at lower levels. The recent price action suggests that the recovery can continue in the near term, with $530 being the main level to watch. The overall setup remains constructive as long as the stock continues to hold its current recovery structure.
At the same time, the chart suggests that the move toward $530 could be challenging. This area has the potential to act as a turning point, where sellers may become active again. If AMD struggles around this zone, the recovery could lose momentum and lead to another correction. So, the simple view is that AMD has room to move higher toward $530 first, but the reaction around $530 will be important for the next major direction.
By BrightRally_Research on TradingView
At the same time, the chart suggests that the move toward $530 could be challenging. This area has the potential to act as a turning point, where sellers may become active again. If AMD struggles around this zone, the recovery could lose momentum and lead to another correction. So, the simple view is that AMD has room to move higher toward $530 first, but the reaction around $530 will be important for the next major direction.
By BrightRally_Research on TradingView
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