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Possible Bearish Inside Day Candle Pattern Detected for Applied Material (NASDAQ:AMAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Applied Material (NASDAQ:AMAT) based on the price action in the company's shares. Today's price range of $67.14 and $67.90 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Applied Material may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Applied Material has traded in a range of $36.80 to $69.44 and is now at $67.44, 83% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.0%.

Applied Material has overhead space with shares priced $67.44, or 4.0% below the average consensus analyst price target of $70.28. The stock should discover initial support at its 50-day moving average (MA) of $61.03 and subsequent support at its 200-day MA of $51.50.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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: bearish inside day candle applied material

Ticker(s): AMAT