March 16, 2012
Shares of Advanced Micro Devices Inc (NYSE: AMD) rallied on Thursday, March 15, breaking above $8.00 for the first time since May 2011.
The company is a semiconductor design innovator with its AMD Fusion Accelerated Processing Units, which powers a wide range of computing devices. The company manufactures standard integrated circuits for semiconductors.
AMD shares jumped over 5% on Thursday after a Jefferies analyst raised the stock's rating to buy from hold.
Chart Courtesy of StockCharts.com
Importantly, shares prices of AMD had been stopped by critical resistance at $7.57 a share which is the 61.8% retracement for the stock after its 2011 correction.
The breakout points to a run for the prior closing rally highs at $9.44, reached on February 17, 2011.
Support is at $7.57 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not have a position in Advanced Micro Devices.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish positions resulted in substantial gains, all achieved by trading trends.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.