AMAT runs into sellers again around 57.24

Applied Materials Inc (AMAT) Technical Analysis Report for Apr 16, 2018

Highlights

AMAT runs into sellers again around 57.24
AMAT rises to highest close since March 26th
AMAT stuck within tight trading range
AMAT closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

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 chart for AMAT

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Applied Materials Inc

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Latest Report:

AMAT pushes through key resistance level

Sep 21, 2018
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