Advanced Micro Devices, Inc. (NASDAQ:AMD) stock seems to have bottomed out. A rebound around the corner?
The narrative for shares of Dr. Lisa Su led Advanced Micro Devices, Inc. (NASDAQ:AMD) has gone from bad to worse over the last one month. First, a massive post-earnings sell-off then AMD stock fell to single digits this month. Shares of the CPU and GPU maker have been caught in a strong downtrend and now, the stock is back trading above $10, but for how long? With the shorts firmly in control of the stock, the question now is, can AMD stock see a bounce in the coming days? Well, if the AMD stock technical chart is anything to go by, there are some positive signals for a bounce in near-term. Let's take a closer look.
The AMD stock technical chart is all set to flash a bullish signal after some time, implying that the downtrend in AMD stock could halt and the shares could rebound over the next few trading sessions. AMD stock is poised for a bullish Moving Average Convergence Divergence (MACD) crossover, which is a popular momentum indicator used by technical traders. In a bullish MACD crossover, the MACD line could go past the signal line from below today itself. As of now, both the MACD and signal line values stand equal at the moment. This could be further proof that the recent downtrend in AMD stock could come to halt. AMD stock is still in oversold zone as per popular momentum indicator Relative Strength Index (RSI) with current RSI reading of 28.22, which is below the commonly used oversold threshold limit of 30. So, a bounce could be just around the corner on the occurrence of a bullish MACD crossover.
Can Twitter Inc (NYSE:TWTR) stock rise further after yesterday's pop?
Shares of Jack Dorsey led Twitter Inc (NYSE:TWTR) have come to life again since its last earnings release in October end. TWTR stock is up more than 31% since then. There have been questions over whether TWTR stock can sustain the uptrend. Having said that, Twitter stock popped another 4% in yesterday's trade for no concrete reasons. Many believe that buyout rumors are back after the announcement of Walt Disney's (NYSE:DIS) acquisition of Twenty First Century Fox (NASDAQ:FOX) assets. A picture of Jack Dorsey with Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein also added fuel to the buyout rumors. This could have partially driven the uptick in TWTR stock. Twitter stock traded at unusually high volumes yesterday, almost double the average daily volume over the last month, which could be another possible explanation of the 4% pop. So, is Twitter stock in for more upside from here?
Well, if the TWTR stock technical chart is to be believed, Twitter share price could still move higher from here over the next few sessions. As can be seen from the Twitter stock technical chart, the stock is currently trading above all the key moving averages, which makes now a good time to go long the stock. Secondly, Twitter stock technical chart recently flashed a bullish MACD crossover, with the MACD line rising above the signal line, which implies that there is room for some near-term upside in TWTR stock price. In addition, only the Bollinger Bands indicator implies that Twitter share price is close to overbought territory. With the spike in volumes, which is generally seen as a bullish signal for investors, the stock could have still some more room to run higher. Hence, the uptrend in TWTR stock price could continue over the next few trading sessions.
The downtrend in Intel Corporation (NASDAQ:INTC) stock could last longer.
Our third trade for the day focusses on semiconductor giant Intel Corporation (NASDAQ:INTC). Shares of the Chipzilla are in a continuous downtrend since the beginning of November after hitting record highs. INTC stock is down more than 7% since then. And, it seems the downtrend in Intel stock could continue for some time more. At least, that's what we think. Why? The Intel stock technical chart holds the answer.
For starters, Intel stock saw a bearish MACD crossover, a few days back. The MACD line fell below the '0' centerline to flash a bearish signal. Now, in yesterday's trade, Intel stock closed below the 50-day simple moving average (SMA) for the first time since going above it in August end. Unless INTC share price bounces back of the 50-day SMA, the downtrend is likely to continue. As a change of polarity, the 50-day SMA could act as a resistance to Intel stock now. INTC stock is already trading below its short-term 20-day SMA. In the context of multiple bearish signals, a continuation of the recent downward momentum in Intel stock price will not be much of a surprise.
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