Advanced Micro Devices Inc (NASDAQ:AMD) has certainly had its share of ups and downs lately, and right now, it's riding a significant bearish wave.

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AMD Stock: Bearish Momentum Takes Hold

At $142.68, AMD's stock price is well below its five-day, 20-day and 50-day exponential moving averages (EMAs), signaling a continuation of the downward trend. With the 20-day simple moving average (SMA) doing a tango with the stock at $141.97 and the 50-day SMA farther above at $153.29, it's clear that the stock's momentum is still on the decline.

Also, AMD stock is trading well under its 200-day SMA of $160.23, signaling long-term bearish pressure.

A Glimmer Of Hope For AMD Stock Investors

But don't put AMD on your "avoid" list just yet. There's a flicker of hope on the short-term horizon. The eight-day SMA at $138.81 offers a tiny bullish glimmer, suggesting a possible rebound.

However, the relative strength index (RSI) of 46.42 is firmly in neutral territory—neither oversold nor overbought—leaving plenty of room for either a stabilizing move or continued decline.

Technical Indicators Still Weighing Down AMD Stock

Despite these flickering signals of hope, the broader technical indicators aren't kind to AMD. The moving average convergence/divergence (MACD) at a negative 3.81 reinforces the prevailing bearish momentum. Unless a substantial catalyst turns things around, the stock will need more than a light breeze to lift it out of its slump.

AMD's Market Share Gains: Temporary Or Sustainable?

AMD's latest third-quarter market share gains—particularly in the notebook and desktop markets—are promising, but are they sustainable? The company saw its desktop market share increase by 6% to 28.7%, and its revenue share rise by 8%.

However, concerns persist over whether the surge is due to a temporary product clearing by Intel Corp (NASDAQ:INTC), rather than a lasting shift in the competitive landscape.

As AMD continues to push ahead with its $400 million R&D investment in India and explores new avenues in AI, investors might want to keep an eye on the technicals.

If the bearish trend continues, AMD may need more than just market share gains to reverse its current trajectory.