At one point on Friday, Nvidia stock was 3.4% higher. At that highs, the shares were up about 15% for the week. And if Nvidia can finish higher on Friday, the stock will have closed higher each day this week — an impressive feat given the macro backdrop.
At last glance, AMD stock was 0.5% up on the day after rising 2.2% at the high. Despite the fade, the shares are still up 17% so far this week.
I am thoroughly impressed with the price action in Nvidia and AMD. Regarding the latter, it’s now working on its third straight weekly gain and is up fully 61% from the year-to-date low.
That’s quite impressive, particularly given the recent backdrop and the S&P 500's four declines in the past five weeks.
After rocketing off the $80 area — and thus, the 10-week and 200-week moving averages — AMD stock is running right into the $100 area.
The $100 zone was notable resistance until an enormous breakout in mid-2021, which then cemented this area as support over the next 12 months. Eventually the bear market caught up with AMD and sent the shares below this key level and it again became resistance.
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