Advanced Micro Devices Inc. $AMD has been on the year but found resistance at $34.20 a week ago for the second time in July. Then after earnings came out after hours on 7/30, price opened up bearish during the 7/31 session. Here's a quick summary from Yahoo Finance:AMD Q2 Earnings In Line, Revenues Beat Estimates, Down Y/YAdvanced Micro Devices AMD reported second-quarter 2019 non-GAAP earnings of 8 cents per share, which matched the Zacks Consensus Estimate. However, the figure declined 42.9% year over year. Revenues of $1.531 billion beat the Zacks Consensus Estimate of $1.524 billion. However, the top line declined 13% year over year. The year-over-year decline can be attributed to weak Computing and Graphics segment and semi-custom revenues. Notably, AMD’s stock has returned 83.3% in the past one year, outperforming the industry’s rally of 25.2%....AMD Daily Chart(click to enlarge)Channel Broken:- On the daily chart, we can see that price has cracked a rising channel support.- The overall trend is still bullish, but this price action suggests we might see a period of consolidation/bearish correction ahead.- In this scenario, AMD might be a buy-on-the-dip candidate. - I would love it around $27 and $25. $25 is going to be a test of a key support/resistance pivot area and the 200-day simple moving average (SMA). - But I suspect if the market is indeed still bullish, the $28.50 to $29 area might provide support.