AMD Stock Rises 3.45% As Nvidia (NVDA) And Intel (INTC) Stocks Follow

AMD Stock Rises 3.45% As Nvidia (NVDA) And Intel (INTC) Stocks Follow

The semiconductor stocks have started the week strong, with AMD stock leading the gains on Monday. The shares of the US-based chip manufacturer gained 3.45% within the first 30 minutes of trading. A similar price action was shown by Nvidia and Intel stocks. Both were up 1.24% and 2.09%, respectively, at press time.

Technical analysis predicts more upside for the stock in the coming days if the ongoing buying spree continues. The broader market sentiment and the ongoing uptrend in the benchmark indices bolster this outlook. The Nasdaq 100 index has recently found a decent support around $18,200 points and was up 110 points on Monday.

China To Ban AMD And Intel Chips

According to the latest AMD news, China is set to ban Intel and AMD chips for state computers. The news kept the AMD stock under significant selling pressure last week. However, the analyst estimates suggest that the impact of this ban won't be significant on Intel's revenue.

As per the latest estimates, Intel's annual revenue from China is around $3.4 billion, which accounts for 15% of the company's total revenue. A government ban is expected to affect only a small percentage of Intel's China revenue. Therefore, the overall impact could be only a couple of hundred million dollars.

AMD Stock Price Forecast

On the basis of technical analysis, we can take a shot at predicting the upcoming price action of NASDAQ: AMD. The significant areas of support and resistance are marked on the following chart. It is quite evident that the price is currently struggling to break above the range highs of $185. A breakout from this level might make AMD stock forecast bullish, putting $200 within reach.

Conversely, the $175 level appears to be a major support on the 4H timeframe. This level must be held to avoid a retest of the range lows around $164. The broader market sentiment around the semiconductor and tech stock might also play a role in this regard.

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