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

By James Quinn

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.

Over the past year, Applied Material has traded in a range of $28.79 to $63.07 and is now at $55.08, 91% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 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