AMD: Another Pullback or Has the Rally Run Its Course?Advanced Micro Devices, Inc.BATS:AMDDukesMarketAnalysisLong-Term Uptrend Remains Intact AMD’s monthly chart remains firmly within its primary uptrend despite the latest pullback from the $584.73 all-time high. Previous multi-month declines have repeatedly provided periods of consolidation before the broader trend eventually resumed higher. Another Pullback Within the Primary Trend? The latest decline has lasted around a month, which remains relatively modest compared with several previous corrections. Whether this becomes another opportunity within the longer-term uptrend will depend on how the shorter-term structure develops. Daily Structure Still Needs Repair The daily chart has produced a short sequence of lower highs and lower lows since the June 30 all-time high. Bulls therefore need to break above the recent $530.13 swing high to produce a bullish change of character and strengthen the case for the primary uptrend resuming. Moving Averages Continue to Support Price The 100/50-Day EMAs remain bullishly crossed, with the 100-Day EMA providing support during the recent drop to $424.03. Price has since recovered strongly and moved back above both averages. In Summary AMD’s latest decline could prove to be another pullback within its long-term primary uptrend, much like several previous corrections shown on the monthly chart. The recovery from $424.03 and bullishly crossed 100/50-Day EMAs are encouraging, but the daily structure has yet to confirm a resumption higher. A break above $530.13 would provide the first meaningful bullish change of character, while failure to do so leaves the door open for further consolidation or another pullback.