AMD continues to piggyback higher off NVIDIAS solid gains

The semiconductor industry is seeing great returns in 2023 and AMD is no exception on that.

Looking at the chart AMD could easily see a run back up to its highs at $160.00 per share, support for the stock sits at $100-$97 (100 SMA), with a break below here then bringing into play the green trendline at around $84 per share. A break below here could then see the stock turn negative towards $60 over a longer period of time

MACD is clearly in an uptrend with RSI reading 76 suggesting overbought conditions. This has to be taken into consideration as this is flashing that AMD while looks appetising it is overbought on a technical front, a pullback could provide a possible buying opportunity, however.