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Possible Bearish Inside Day Candle Pattern Detected for Applied Material (NASDAQ:AMAT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Applied Material (NASDAQ:AMAT) based on the price action in the company's shares. Today's price range of $47.98 and $48.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Applied Material may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 46.5% exists for Applied Material, based on a current level of $47.98 and analysts' average consensus price target of $70.28. The stock should discover initial support at its 50-day moving average (MA) of $42.41 and subsequent support at its 200-day MA of $38.59.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

Applied Material share prices have moved between a 52-week high of $50.39 and a 52-week low of $28.79 and are now trading 67% above that low price at $47.98 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Applied Material on June 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.50. Since that recommendation, shares of Applied Material have risen 10.7%. We continue to monitor AMAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle applied material

Ticker(s): AMAT