AMAT dominated by bulls lifting the market higher throughout the day
Applied Materials Inc. (AMAT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AMAT finished the month 7.6% higher at 60.45 after gaining $1.39 (2.35%) today, slightly outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (AMAT as at Jun 30, 2020):
Tuesday's trading range has been $1.87 (3.16%), that's slightly below the last trading month's daily average range of $1.87. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower 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 June 18th, AMAT gained 0.94% on the following trading day.
Unable to break through the key technical resistance level at 60.57 (R1), the market closed below it after spiking up to 60.94 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's high at 62.33, upside momentum might accelerate should the stock mark new highs for the month.