AMAT dominated by bulls lifting the market higher throughout the day
Applied Materials Inc. (AMAT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AMAT finished Thursday at 49.20 gaining $4.47 (9.99%), significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 48.22, the share confirmed its breakout through the prior session high after trading up to $1.17 above it intraday.
Daily Candlestick Chart (AMAT as at Mar 26, 2020):
Thursday's trading range has been $4.05 (8.76%), that's slightly below the last trading month's daily average range of $4.16. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AMAT.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on February 28th, AMAT gained 3.51% on the following trading day.
Prices are trading close to the key technical resistance level at 52.00 (R1).
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.