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Look for Shares of Applied Material to Potentially Rebound after Yesterday's 2.22% Sell Off

By Shiri Gupta

Applied Material (NASDAQ:AMAT) traded in a range yesterday that spanned from a low of $54.95 to a high of $55.90. Yesterday, the shares fell 2.2%, which took the trading range below the 3-day low of $56.49 on volume of 3.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Applied Material share prices have moved between a 52-week high of $63.07 and a 52-week low of $28.79 and are now trading 91% above that low price at $55.08 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

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