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Applied Material (AMAT) Crosses Pivot Point Resistance at $39.15

By Shiri Gupta

Applied Material (NASDAQ:AMAT) has opened bullishly above the pivot of $38.89 today and has reached the first level of resistance at $39.15. Analysts will be watching for a cross of the next upside pivot targets of $39.42 and $39.95.

In the past 52 weeks, Applied Material share prices have been bracketed by a low of $37.39 and a high of $62.40 and are now at $39.45, 6% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.1%.

Applied Material has overhead space with shares priced $39.45, or 43.9% below the average consensus analyst price target of $70.28. Applied Material shares should first meet resistance at the 50-day moving average (MA) of $45.36 and find additional resistance at the 200-day MA of $51.24.

SmarTrend recommended that its subscribers protect gains by selling shares of Applied Material on August 17th, 2018 by issuing a Downtrend alert when the shares were trading at $43.72. Since that call, shares of Applied Material have fallen 11.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts applied material

Ticker(s): AMAT