Artem Voloskovets
Advanced Micro Devices has climbed nearly 200% since bottoming out in April, and technical analysts believe there's room to run.
From Bottom to Breakout
Using Elliottwave Forecast theory, chartists are eyeing a potential push toward $260 as the chip giant rides momentum from AI demand and data center growth. Back in April 2025, AMD hit a support zone between $75 and $100—what some traders call the "Blue Box" reversal area. It bounced hard from there, rocketing past $140 and validating what followers saw as the end of wave (II) and the start of a fresh bullish cycle. The move wasn't random—it followed a textbook five-wave structure that typically signals strong upward momentum. Yes, there will be pullbacks along the way, but as long as the stock holds above that $75 floor, the trend stays intact. Fibonacci projections point to a $200–$260 range as the next logical upside target if this wave extends as expected.
Why Fundamentals Back the Technicals
It's not just chart patterns driving optimism. AMD is gaining serious traction in AI infrastructure and rolling out competitive chips that are chipping away at NVIDIA's stronghold. Data center demand keeps growing, and AMD is positioned to capture more of that market. When technicals and fundamentals align like this, it gives traders more confidence in the forecast.
AMD has already delivered massive gains this year, but the Elliott Wave setup suggests the party may not be over. If the bullish structure plays out, $260 isn't out of reach. For those watching from the sidelines, any dips toward support could offer entry points—just keep an eye on that $75 level. Break below it, and the whole thesis needs a rethink.
Artem Voloskovets
