The USDX index has been down for most of this year, with the exception of a brief period when it was briefly up. On May 10, the stock market had its worst day in history and stocks fell into a massive bear market that lasted until early July.
AMD (Advanced Micro Devices) is the IBD Stock of the Day, after its latest graphics cards for gaming PCs kicked off a rally.
Nvidia has announced the debut of its Nvidia GeForce RTX 2080 Ti graphics cards, which are powered by the Turing architecture. The company also unveiled its Nvidia GeForce RTX 2070 graphics cards, which are based on the Turing architecture and start at $499.
AMD’s stock price rose to a new all-time high of $122.49 on Aug. 4, thanks in part to the successful launch of its EPYC processor line.
AMD stock dropped below its 50-day moving average line during the recent market downturn, which is a negative signal.
AMD stock is now in a double-bottom base with a buy point of 114.59, as shown by the latest MACD and RSI readings. However, aggressive investors might take the Oct. 7 high of 107.95 as an early entry opportunity.
On Tuesday, Cowen analyst Matthew Ramsay said AMD’s quarterly report and guidance should be strong.
Ramsay said that the pending acquisition of Xilinx by AMD (XLNX) could be a catalyst for shares.
According to IBD Stock Checkup, AMD’s stock is ranked first among five other stocks in the IBD Fabless Semiconductor Industry Group. Those six firms have a best-possible IBD Composite Rating of 99.
The fabless semiconductor sector comes in 10th among the 197 industries that IBD tracks.
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