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AMD stock is likely to correct from here - Fairlead Strategies

Published 03/14/2024, 10:03 AM
Updated 03/14/2024, 10:06 AM
© Reuters AMD stock is likely to correct from here - analyst
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Strategists at Fairlead Strategies said Thursday that S&P futures are signaling a potential intraday upward momentum fatigue as they near resistance levels shown on the 60-minute chart, suggesting the rally might lose steam.

The active counter-trend indicators could be invalidated if the S&P 500 opens above 5186.50 “as a threshold above which we would move back to a bullish short-term bias (from neutral),” they wrote.

Meanwhile, the semiconductor sector is expected to enter a short-term correction, analysts said, citing signs of upward momentum exhaustion in the SMH ETF.

“High-profile constituents like AMD (NASDAQ:AMD), AVGO, and AMAT have lost the support of their daily MACDs, supporting 2-3 weeks of consolidation,” said Fairlead strategists.

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