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Look for Shares of Applied Material to Potentially Pullback after Yesterday's 1.20% Rise

By James Quinn

Applied Material (NASDAQ:AMAT) traded in a range yesterday that spanned from a low of $50.65 to a high of $51.59. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $51.17 on volume of 2.0 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 Material has traded in a range of $28.79 to $52.62 and is now at $51.45, 79% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has remained constant.

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

Keywords: rebounders applied material

Ticker(s): AMAT