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The technology sector performed positively yesterday, thanks to Nvidia’s first quarter accounts which reported revenues of $5.66 billion, (+ 84% yoy), beating Bloomberg consensus estimates of $5.41 billion. Earnings reported were also above expectations: adjusted EPS was at $3.66 vs estimates of $3.31.

AMD [AMD.O] dropped 0.3% to $78.34 in pre-trading. Yesterday it closed at $78.34 (+0.6%). The stock, after an upward trending phase that had lasted several years, is now in its consolidation phase with key support in the $72-75 range. Also, a purchase range around $100 becomes feasible.

We suggest going LONG on the stock by buying the Leverage Shares 2x AMD ETP (ISIN: IE00BKT6ZG93), with an increase in exposure on any cues indicating downward movement towards $73, with short-term target being around the $84/89 range. and a more ambitious range around $100 Alert/stop loss should be below $70 (closing daily).