After Yesterday's Rally of 1.10% Shares Could Potentially Pullback
Applied Materials (NASDAQ:AMAT) traded in a range yesterday that spanned from a low of $30.34 to a high of $30.78. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $30.44 on volume of 6.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Applied Materials has traded in a range of $14.25 to $30.78 and is now at $30.51, 114% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.
SmarTrend recommended that subscribers consider buying shares of Applied Materials on May 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.24. Since that recommendation, shares of Applied Materials have risen 35.1%. We continue to monitor AMAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders Applied Materials