After the close of the 4/30 session, Advanced Micro Devices $AMD posted decent earnings relative to conservative estimates. Because the expectations were low anyway, the better than expected results didn't provide much fuel for a rally other than an initial reaction. Let's first take a look at the key earnings numbers according to Seeking Alpha:AMD (NASDAQ: $AMD) +5.1% on Q1 results that met EPS estimates and beat on revenue...In-line Q2 outlook has revenue of $1.47B to $1.57B (consensus: $1.52B) with gross margin around 41%.Revenue breakdown: Computing and Graphics, $831M (consensus: $855.7M, -26% Y/Y on lower graphics channel sales); Enterprise Embedded, $441M (consensus: $410.2M, -17% primarily on lower semi-custom).Gross margin was up 5 percentage points Y/Y to 41% on the Ryzen ramp and EPYC sales.Also according to thestreet.com, "Looking into 2019, AMD maintained its full-year earnings guidance, with second quarter revenues of around $1.52 billion and a non-GAAP gross margin of 41% as demand begins to return to global chip markets as data centers and servers around the world renew purchases. AMD also said it expects to be free-cash-flow positive by the end of the year."AMD Daily Chart(click to enlarge)Failed Bullish Reaction:- The market was initially bullish on AMD. - However, it failed to push it above the recent resistance of $30. - Instead, price opened during the 5/1 session paring those after-hour gains. - This reaction suggests first a test of the $26.95-$27 support.- It also warns of a potential break of this support, and a pullback to the previous support pivot around $24.65, or down to $24.