Technical Pulse: Advanced Micro Devices, Inc. (NASDAQ: AMD) April 27, 2023 163


Advanced Micro Devices, Inc. (NASDAQ: AMD) Potential continuation of the bearish momentum with breakdown of a bearish rising wedge following a heads & shoulders formation.


1.      The price has broken down a rising wedge following a bearish heads & shoulders reversal pattern formed at the confluence of wedge resistance, which could signal for further downside.

2.      The price could continue to trade lower to retest the support zone at US$72-79,  where the US$79 level is confluent with swing lows formed in February-March this year and a 50% Fibonacci retracement level.

3.      The US$72 level is confluent with a lower swing low formed in January this year and the 61.8% Fibonacci retracement level. The Fibonacci retracement levels are calculated using a swing high of US$102.43 and swing low of US$54.57.




Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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