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Next Support Level for Applied Material (AMAT) is $40.85

By Nick Russo

Applied Material (NASDAQ:AMAT) has opened bearishly below the pivot of $41.61 today and has reached the first level of support at $41.26. Analysts will be watching for a cross of the next downside pivot targets of $40.85 and $40.09.

Over the past year, Applied Material has traded in a range of $28.79 to $51.59 and is now at $40.60, 41% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Applied Material has overhead space with shares priced $40.60, or 42.2% below the average consensus analyst price target of $70.28. The stock should hit resistance at its 50-day moving average (MA) of $42.01, as well as support at its 200-day MA of $38.12.

SmarTrend is monitoring the recent change of momentum in Applied Material. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Applied Material in search of a potential trend change.

Keywords: pivot alerts applied material

Ticker(s): AMAT