28.08.202317:06 Forex Analysis & Reviews: Technical analysis on AMD stock price for August 28th, 2023.

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Green line- support trend line

Blue lines- Fibonacci retracement levels

Red lines- triangle pattern

AMD stock price is trading around $102. Short-term trend is bearish. Price has broken the triangle pattern to the downside. Price is making lower lows and lower highs in the near term. Price has reached the 61.8% Fibonacci retracement of the last major upward move. Price is also challenging the green upward sloping support trend line. Around $102 we find important short-term support. Breaking below $102 and staying below this level will lead price towards at least $92-$91 where we find the 78.6% Fibonacci retracement. Previous support at $107 is now resistance. Bulls need first to recapture this level in order to hope for a bigger move higher.

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