Video graphics powerhouse NVIDIA Corporation rocketed higher on Friday, posting heavy volume during a breakout above three-month resistance at $170 and closing at an all-time high above $180. The uptick should gain traction in the coming months, lifting the high-tech market leader well above $200. It also bodes well for Advanced Micro Devices, Inc. stock, which has attempted to mimic its larger rival’s bullish behavior in the past two years.
AMD shares rose nearly 400% in 2016, tracking a historic NVIDIA uptrend triggered by growing speculation on virtual reality gaming hardware. AMD stock topped out just above $15 in February and dropped into a long-overdue correction that has held relatively close to resistance in recent months. Its rival’s breakout could now generate fresh buying power, lifting AMD stock off a six-week test at the 200-day exponential moving average(EMA) and into an uptrend that targets the low $20s. (See also: AMD vs. NVIDIA: Who Dominates GPUs?)
NVIDIA’s breakout could benefit AMD, which has attempted to mimic its rival’s price action in the past two years. …read more
Read more here: NVIDIA Breakout Bodes Well for AMD Stock
Category: AMD, NVDA