How AMD Can Finally Close the Gap With Nvidia

Today, let’s check to see what it will take for AMD to rally from here… [Jeff Clark's Market Minute]( Managing Editor’s Note: Today, we’re handing the reins to longtime colleague and market wizard, Larry Benedict. As a legendary hedge fund manager, Larry focuses on finding winning trades in any market. And today he's sharing his strategy to play this current tech rally. Here are Larry's insights on what's in store for tech... --------------------------------------------------------------- How AMD Can Finally Close the Gap With Nvidia By Larry Benedict, editor, Trading With Larry Benedict Nvidia (NVDA) has captured most of the tech rally headlines. But another chipmaker also enjoyed some outsized gains… Advanced Micro Devices (AMD) rallied, gaining 141% from late October to its March 8 high. That’s the date that both NVDA and AMD peaked before rolling over and retracing lower… NVDA has since recovered most of its ground. But AMD was languishing about 30% below its March peak. Today, let’s check to see what it will take for AMD to rally from here… Recommended Link [‘America’s Top Trader’ Who Predicted the Biggest Financial Events of The Last 30 Years, Issues New WARNING:]( [image]( Eric Fry has called every major market-event of the last 30 years… Recommending 41 stocks – EACH one hitting 1,000%+ returns… But today, Eric releases his biggest WARNING of 2024. In short… [The world’s wealthiest investors (Jeff Bezos, Mark Zuckerberg, 48 members of Congress, and more) are about to exploit a massive “transfer of wealth” at the cost of your own personal savings.]( The last time this happened… In the 2020 crash – the top 1% added $15 trillion to their net worth…  Meanwhile, the middle class has suffered ever since.… [But now – another major ‘transfer of wealth’ has just begun.]( Today you have ONE final chance to follow alongside the wealthy, in what may be the [greatest investment moment of 2024.]( [Click here.]( -- Bearish Sentiment After hitting its peak on March 8, AMD soon reversed. As the chart below shows, that coincided with the Relative Strength Index (RSI) forming an inverse “V.” The RSI fell sharply from overbought territory (upper gray dashed line). Then it dropped into the lower half of its range. Advanced Micro Devices (AMD) Source: eSignal [(Click here to expand image)]( The blue moving average convergence/divergence (MACD) line also crossed below the orange signal line. Both then tracked into their lower range. That’s bearish. Adding to the bearish sentiment, the 10-day MA (MA, red line) crossed back below the 50-day MA (blue line), with the 50-day MA also tracking lower. And in late April, the slightest earnings miss caused AMD to gap lower. Earnings per share beat estimates while revenue only just missed. So what should we look for next? Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Crossing the Zero Line In the chart you can see that the RSI has recently broken up through resistance inside the orange circle. Take another look… Advanced Micro Devices (AMD) Source: eSignal [(Click here to expand image)]( What happens next will be key… If the RSI can gain further traction, it will help convert AMD’s recent strength into a genuine up move. The longer the RSI can remain in positive territory, the bigger that move could be… The other thing to keep a close watch on is the MACD. As you can see, AMD’s recent move higher coincided with the MACD line crossing above the signal line, with both tracking higher. From here, the MACD crossing up through the zero (0.00) line and into its upper range would help AMD move higher. Longer term, we’d then look for the 10-day MA to cross back above the 50-day MA, with both MAs then tracking higher. That would give us further confirmation of an emerging up move. Regards, Larry Benedict Editor, Trading With Larry Benedict [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2024 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](