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Watch for Shares of Applied Material (AMAT) to Approach Support at $54.03

By James Quinn

Shares of Applied Material (NASDAQ:AMAT) opened today below their pivot of $55.03 and have already reached the first level of support at $54.60. Analysts will be watching for a cross of the next downside pivot targets of $54.03 and $53.03.

Applied Material has overhead space with shares priced $54.77, or 22.1% below the average consensus analyst price target of $70.28. Applied Material shares have support at the 50-day moving average (MA) of $20.41 and additional support at the 200-day MA of $17.77.

In the past 52 weeks, shares of Applied Material have traded between a low of $22.17 and a high of $62.40 and are now at $54.77, which is 147% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.

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