• AMD stock jumps to its highest since June

• Despite a consolidation, momentum indicators remain tilted to the upside

• Positively charged SMAs brighten the outlook

AMD’s stock has staged a solid rally since late October, crossing above both its 50- and 200-day simple moving averages (SMAs). In the last week, the shares stormed to a fresh five-month peak before paring some gains, but both the RSI and MACD are indicating that bulls continue to hold the upper hand.

If buying pressures persist, the price could revisit its recent five-month high of 124.66. Violating that level, the stock could advance to form fresh multi-month peaks, where the May resistance of 128.90 could curb further upside attempts.  A break above that zone could pave the way for the 2023 high of 131.90.

On the flipside, should the price reverse lower, the bears could target the July resistance of 121.70, which could serve as support in the future. Sliding beneath that floor, the stock could face the recent support of 115.80, which also held strong June. If that barricade fails, the October high of 111.00 may provide downside protection.

In brief, AMD’s share price seems to be easing from its recent five-month high, but the bulls have not surrendered yet. However, a failure to post a fresh higher high could trigger a downside correction.