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Watch for Applied Material to Potentially Pullback After Gaining 1.95% Yesterday

By Shiri Gupta

Applied Material (NASDAQ:AMAT) traded in a range yesterday that spanned from a low of $57.17 to a high of $58.40. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $57.24 on volume of 4.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Applied Material share prices have moved between a 52-week high of $62.40 and a 52-week low of $22.17 and are now trading 161% above that low price at $57.85 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.

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