AMD Stock: Approaching Another Breakout
We've been calling for AMD upside, as you know.
On April 23rd ahead of earnings we said "Look out shorts" and on May 16th we pointed out another breakout of a key level. We're approaching a new breakout level. See the AMD chart below.
Approaching a New AMD Breakout Level
Closing above this level would be a confirmation AMD can go higher.
AMD Short Interest Not Down That Much
Our 2018 EPS numbers are about 60% higher than the Street for this year. Our numbers last quarter proved more correct than the Street and we think we're going to be better than the Street on AMD this year.
Since earnings the short interest is down 10% but still has about 20% of the float short. That's still a big number. With technical breakout after breakout and 60% EPS upside potential this year, the combination of shorts and upside can continue to propel the stock.
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