AMAT closes within previous day's range
Applied Materials Inc. (AMAT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
AMAT ended the week 8.33% higher at 66.85 after losing $0.52 (-0.77%) today, significantly underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AMAT as at Feb 14, 2020):
Friday's trading range has been $1.35 (2.0%), that's slightly below the last trading month's daily average range of $1.72. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for AMAT.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 62.58. The last time this happened on January 23rd, AMAT lost -2.96% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.