Advanced Micro Devices Inc. (NASDAQ:AMD) stock is trading lower Monday as investors weigh mixed index futures and the chipmaker consolidates after a strong 12-month run. Nasdaq futures gained 0.16%, while S&P 500 futures slipped 0.01%.
AMD’s early decline comes as the stock trades near its 50-day moving average. With major index futures little changed, investors appear selective toward technology stocks.
Technical Analysis
AMD remains in a long-term uptrend. The stock is about 57.7% above its 200-day simple moving average of $324.33 and 19.2% above its 100-day SMA of $428.92.
However, AMD is only about 0.2% above its 50-day SMA of $510.40. That makes the level an important near-term test.
The relative strength index stands at 52.93, indicating neutral momentum. Meanwhile, the 20-day SMA of $494.24 remains below the 50-day SMA. Still, the 50-day SMA is above the 200-day SMA, supporting the longer-term bullish trend.
Key resistance sits near $530, while support is around $498.
Analyst Outlook
AMD carries a Buy consensus rating with an average price forecast of $591.39.
Recent analyst moves include Argus Research maintaining a Buy rating and raising its price forecast to $625 on Aug. 6. Rosenblatt maintained a Buy rating and raised its forecast to $700 the same day. JPMorgan maintained a Neutral rating and raised its forecast to $550 on Aug. 5.
Benzinga Edge Rankings
AMD scores strongly on Benzinga Edge for momentum, growth and quality. Its Momentum score is 98, Growth is 94.73 and Quality is 94.19.
However, its Value score is just 4.58. That highlights the premium investors are paying for AMD’s growth prospects.
ETF Exposure
AMD is a major holding in the iShares Semiconductor ETF (NASDAQ:SOXX), CoreValues America First Technology ETF (NYSE:USMD) and ARK Next Generation Internet ETF (NYSE:ARKW).
Price Action
AMD shares fell 0.29% to $512.91 in Monday’s premarket trading, according to Benzinga Pro.
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