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

By James Quinn

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. Today's price range of $22.64 and $22.90 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. 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.

In the past 52 weeks, Applied Materials share prices have been bracketed by a low of $14.25 and a high of $24.65 and are now at $22.78, 60% above that low price. 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) is currently priced 11.5% above its average consensus analyst price target of $20.17. Applied Materials shares have support at the 50-day moving average (MA) of $20.41 and additional support at the 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 inside day candle Applied Materials

Ticker(s): AMAT