AMD Showing Continuation of Head and Shoulders Pattern to $10.25

AMD ($AMD) Daily: Fairly straight forward Head and Shoulders pattern here for AMD. After finding support around $10 in the last down move, the stock retraced back to about 50% fib level, dipped, then back to 0.618 fib level before heading down again. With MACD seemingly rolling over on the daily, and the RSI in lower levels with each peak of the H&S pattern, seen on the weekly chart below, we can expect $AMD to test the neckline support at around $10.25. I get the feeling that this will continue to make its way down until earnings on July 20th. Weekly chart also shows support at around ten with the 50 week moving average.

Looking ahead, should this break below the neckline support, $AMD would paint a target of around $5.75 (gulp). Whether that neckline holds or gives would be next point of entry on long or short side, respectively.