Advanced Micro Devices (NYSE:AMD) traded in a range yesterday that spanned from a low of $7.58 to a high of $7.88. Yesterday, the shares fell 2.51%, which took the trading range below the 3-day low of $7.68 on volume of 39.9 million shares.
Shares of Advanced Micro Devices are currently trading below their 50-day moving average (MA) of $7.99 and below their 200-day MA of $8.12. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Advanced Micro Devices and our subscribers were alerted to Sell on May 25, 2010 at $7.92. The stock has fallen 1.7% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $7.78 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Semiconductor- Broad Line industry.