Everyone was expecting the Advanced Micro Devices Inc (NASDAQ:AMD) breakout to be huge, @Ripster47 said Tuesday on Benzinga’s YouTube show “Power Hour.”
A lot of institutional investors get interested when monthly range breakouts take place, he said.
AMD tested the $100 level multiple times and was rejected, but this time it broke through the resistance on high volume, @Ripster47 noted.
He told Benzinga that he would not short a stock that’s breaking out to new all-time highs because when a stock reaches all-time highs, there aren’t any technical levels in play besides the breakout point.
With the previous resistance of $100 likely acting as support for AMD, @Ripster47 said he would buy more if it were to come back down to the $100 level.
“I will buy it again at $100, but I am still holding my $112 calls,” he added.
Related Link: Why AMD’s Stock Is Trading Higher Today
Price Action: AMD is making a new all-time high in trading today,
At last check Tuesday, the stock was up 4.05% at $113.03.
Photo: Courtesy of AMD.
