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Possible Bullish Inside Day Candle Pattern Detected for Applied Materials (NASDAQ:AMAT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Applied Materials (NASDAQ:AMAT) based on the price action in the company's shares. Yesterday's price range of $22.56 and $22.97 is within the prior day'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. Traders and investors interested in shares of Applied Materials may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Applied Materials share prices have moved between a 52-week high of $24.65 and a 52-week low of $14.25 and closed yesterday at 61% above that low price at $22.94 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.

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 Materials (NASDAQ:AMAT) defies analysts with a current price ($22.94) 12.1% above its average consensus price target of $20.17. The stock should discover initial support at its 50-day moving average (MA) of $20.41 and subsequent support at its 200-day MA of $17.77.

SmarTrend is tracking the current trend status for Applied Materials and will alert subscribers who have AMAT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Applied Materials

Ticker(s): AMAT