Strength on AMD stockAfter almost a year of down move, on February 5th 2025 a huge professional buying took place on Advanced Micro Devices Inc. stock (Ticker NASDAQ: AMD). Even though we've seen professional buying on that move before, the volume there was much lower and, as a result, caused small retracements up only. The volume on the February 5th daily bar has much bigger potential. Moreover, a few things are adding to the strength:
- Recent buying appeared on the market opening after the earnings report with an immediate price rise.
- The price returned into the area of big volume (blue rectangle) on relatively low volume, showing no professional interest in the downside (testing).
Therefore, if no supply reappears below or around the $116.37 level, we may see a rally towards $150.37 - $153.03 and even higher to $166.10 - $167.08 zone.
In case supply hits the market in the mentioned area, another professional buying could take place around $95.61.