AMAT closes within previous day's range
Applied Materials Inc. (AMAT) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
AMAT finished the month 6.42% higher at 64.33 after edging lower $0.09 (-0.14%) today, strongly underperforming the Nasdaq 100 (1.78%). 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 Jul 31, 2020):
Friday's trading range has been $1.67 (2.58%), that's slightly above the last trading month's daily average range of $1.60. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMAT.
Prices are trading close to the key technical resistance level at 64.84 (R1). After having been unable to move lower than 62.99 in the previous session, Applied Materials found buyers again around the same price level today at 63.12. The last time this happened on Wednesday, AMAT gained 1.85% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.