$AMD Excellent Looking Chart
Advanced Micro Devices, ($AMD), is a stock that in this trader's eyes is a thing of beauty! On the daily chart, I really like the relatively calm action the last month. There was one day where it briefly lost the 50-day moving average, but it turned out to be a hammer candle. I love this action as it flushes out weak hands. Today, we saw a 6% move off the 50-day on heavy volume. In addition to finding support at the 50-day moving average, AMD's RSI was recently at the 50 level which is often a support level for growth stocks. MACD also looks good as it is starting to turn up.
The weekly chart is also very constructive. We have seen some very tight action on low volume the past four weeks with the 10-week moving average close by. In addition, AMD held up really well in March, never closing below the 40-week moving average while the S&P 500 fell rapidly.
Full Disclosure: AMD is a stock I currently own.
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