AMAT runs into sellers again around 57.24
Applied Materials Inc. (AMAT) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
AMAT ended Monday at 56.87 gaining $0.80 (1.43%) on low volume. Today's closing price of 56.87 marks the highest close since March 26th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AMAT as at Apr 16, 2018):
Monday's trading range was $1.05 (1.86%), that's far below last trading month's daily average range of $2.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 55.16 and 57.24 which it has been in now for the last three days.
After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Prices are trading close to a key support level at 55.81. After having been unable to move above 57.06 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 57.24.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.