After almost tagging 8.00, AMD retreated last month, accelerating last week and falling below 6.00. This week, price continues to look heavy. Let's take a look at the weekly chart and the technical picture of AMD after this correction. AMD Weekly Chart 9/14(click to enlarge)Fibonacci Retracement:- The weekly chart above shows some key fibonacci retracement levels. - 38.2% around 5.50-5.55- 50% around 4.80- 61.8% around 4-4.05. - 78.6% around 2.95-3.00.Support/Resistance pivots:- The weekly chart also shows some previous support/resistance pivots.- 4.30-4.80- 3.00-3.374.80 is a confluence of pivot and fibonacci level and should be monitored for support. We should also monitor the RSI. If it stalls around 40 and turns up, we can expect a bullish attempt.However 8.00 might be the high on the year, which means even if we believe that AMD has turned bullish, we should anticipate a significant period of consolidation after such a sharp reaction near 8.00.