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Advanced Micro Devices (AMD) Cracking

Despite a strong start to the year, $AMD has been flat and trading between roughly 10 and 15.60 for most of the year, though there was some bullish bias. However, after this week's earnings report, AMD is losing that bullish bias, despite a better-than-expected EPS result. The focus is on future profitability, which faces stiff competition from likes of NVDA and INTC. 


AMD Daily Chart

(click to enlarge)

Bullish Stance Shook:
- Note that there is a slight bullish tilt to the consolidation. Not only is the prevailing trend upwards, AMD has been making higher lows. 
- It has also been holding above the 200-day simple moving averages, until this week.
- Price also broke below a rising trendline.
Support:
- Even though the bullish stance is shook, AMD is not necessarily turning bearish.
- As price approaches 10.50-11, it could find support, especially if the RSI is below 30.