Swing Trade Idea (AMD) – May 11, 2023
OptionsPlay’s bullish trade for Tuesday, May 11th is Advanced Micro Devices, Inc. (AMD). AMD is part of the Technology Sector, that has performed at 2.41% over the last week with AMD overperforming relative to its sector at 18.87% over the same period.
AMD is in a strong bullish trend and has a Relative Strength of 10 (out of 10) with both the 1M and 6M trend being bullish. As it is outperforming its sector and found recent support for further bullish momentum, we believe that AMD will continue higher over the duration of this trade.
As a close, if AMD were to trade below $90 for multiple days, this would invalidate our analysis and will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $8.64.