• Return to Headlines

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

By James Quinn

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. Yesterday's price range of $51.80 and $52.13 is within the prior day'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.

There is potential upside of 35.3% for shares of Applied Material based on a current price of $51.94 and an average consensus analyst price target of $70.28. The stock should discover initial support at its 50-day moving average (MA) of $49.11 and subsequent support at its 200-day MA of $43.15.

Over the past year, Applied Material has traded in a range of $28.79 to $52.62 and closed yesterday at $51.94, 80% 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 0.7%.

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets.

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: bearish am inside day candle applied material

Ticker(s): AMAT