Advanced Micro Devices (AMD) shares moved sharply lower in extended trading on Tuesday after the chipmaker reported third-quarter earnings ✱that came in below expectations and issued a light current quarter revenue outlook, despite record data center revenue.

During the company’s 澳洲幸运5官方开奖结果体彩网:conference call, CEO Lisa Su told analysts that the chipmaker now anticipates data center revenue to exceed $5 billion in 2024, up from her July forecast of $4.5 billion, However, the stock’s afterhour♎s decline indicates investors could have been looking for more amid insatiable artificia❀l intelligence (AI) infrastructure demand. 

AMD shares have gained around 13% year to date as of Tuesday’s close, underperforming the tech-heavy Nasdaq index’s return by about half over the same period. The stock fell 7.6% to $153.57 🃏in after-hours trading Tuesday.

Below, we analyze the 澳洲幸运5官方开奖结果体彩网:technicals on AMD’s 澳洲幸运5官方开奖结果体彩网:weekly chart and point o♎ut important post-earnings price levels that other investors may be watching.

Descending Channel

After an inverted hammer marked AMD’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) in early March, the stock has traded within a textbook 澳洲幸运5官方开奖结果体彩网:descending channel.

More recently, the price has rallied into the pattern’s upper 澳洲幸运5官方开奖结果体彩网:trendline, though lower volumes suggest that larger market participants remained on the si🐼delines ahead of the company's quarterly results.

Amid the stock’s projected post-earnings sell-off, let’s look at key 澳洲幸运5官方开奖结果体彩网:support levels that may come into play and also forecast a chart-based 澳洲幸运5官方开奖结果体彩网:price target to watch if the share🗹s resume the𒁃ir longer-term uptrend.

Key Support Levels to Watch

The first important support level to monitor sits around $162. Although the stock sits poised to open below this area on Wednesday, it’s worth watching if bulls make an attempt to defend a trendline linking the prominent November 2021 peak and a ra🦋nge of comparable trading levels within the descending channel.

A decisive 澳洲幸运5官方开奖结果体彩网:breakdown below this level could see the shares decline to the $132 area, a location where investors may look for buying opportunities around a series of prices situated near the June 澳洲幸运5官方开奖结果体彩网:swing high and August 澳洲幸运5官方开奖结果体彩网:swing low.

Further selling in the stock opens the door for a fall to around $112, around 33% below Tuesday’s closing price, where the shares find a 澳洲幸运5官方开奖结果体彩网:confluence of support from the 200-week moving average and a 澳洲幸运5官方开奖结果体彩网:horizontal line stretching back to August 2021.

Longer-Term Bullish Price Target

If AMD shares resume their longer-term uptrend, we can forecast a bullish price target using a bars pattern, a technique that uses 澳洲幸运5官方开奖结果体彩网:historical trends on 🐼the chart to predic💯t future price moves.

In this case, we take the stock’s trend higher from October 2023 to March this💫 year🐎 and reposition it from the early August low, which projects a price target of around $275.

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