Advanced Micro Devices (AMD) shares fell Thursday after 𒀰gaining ground for si🍸x consecutive days amid optimism about recently announced AI deals and share buyback plans.

The chip designer’s stock rallied to it highest level since early February on Wednesday after the company approved an additional 澳洲幸运5官方开奖结果体彩网:$6 billion 🧸to its share repurchase plan, upping its buyback program to $10 billion. The buyback news came on the heels of the chipmaker and AI favorite Nvidia (NVDA) announcing Tuesday they would supply semiconductors to Saudi Arabian AI ⛄startup Humain as part of initiatives announced as President Donald Trump kick🌊ed off a four-day trip to the Middle East. 

AMD shares fell about 2% to just under $115 on Thursday. The stock is up 50% from its early-April low and has gained 17% since May 6, when the company posted better-than-expected earnings and an upbeat o🐓utlook driven by AI momentum.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals onဣ AMD’s chart and identify crucial ꦜprice levels worth watching out for.

Momentum Accelerates

Since a 澳洲幸运5官方开奖结果体彩网:bear trap marked the bottom in AMD shares last month, the price has broken out above the 50-day moving average and a 澳洲幸运5官方开奖结果体彩网:descending channel, with gains acc𝓡elerating in recent trading sessions.

However, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above the 70 threshold, it also flashes 澳洲幸运5官方开奖结果体彩网:overbought conditions, potentiallyಌ leading to a period of-near-term consolidation.

Let’s identify crucial 澳洲幸运5官方开奖结果体彩网:support and resistance levels 🧸on AMD’s chart that inves🀅tors will likely be watching.

Crucial Support Levels to Watch

A pullback in the shares could initially bring the $110 level into play. The shares may find support in this area on the chart near the October 2023 澳洲幸运5官方开奖结果体彩网:swing high, which also closely corresponds with a range of trading activity𝔍 between Februar🔯y and May this year.

Further downside could see the shares revisit lower support around $96. Investors may seek buying opportunities in this location near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects three prominent troughs on the chart stretching back 🧸to the♈ September 2023 low.

Important Resistance Levels to Monitor

A continuation of stock’s recent bullish momentum could propel a move northward toward $132, This area, currently just above the closely watched 澳洲幸运5官方开奖结果体彩网:200-day moving average, may provide overhead selling pressure near last August’s notable 澳洲幸运5官方开奖结果体彩网:swing low and January’s countertrend high.

Finally, buying above this level opens the door for a rally up to the important $150 region. Investors who have 澳洲幸运5官方开奖结果体彩网:accumulated AMD shares at lower prices may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits in this location near a trendline that links multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart from Decemberꦑ 2023 to November last year.

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