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- 1 AMAT stock is showing a bullish outlook and continues to surge.
- 2 Bulls are showing their muscles and lifted the gains.
Applied Materials ( NASDAQ :AMAT ) stock continues to show strength, lifting the gains forming higher highs (HH) and higher lows (HL) on the charts over the past few trading sessions. From the start of 2023, AMAT stock initiated the beginning of an uptrend and continues to climb upwards, escaping every ongoing resistance decisively. Moreover, buyers were unwilling to take a break.
Moreover, the ongoing price action still indicates bullishness, but profit booking was noted in the last sessions which shows that the sellers are trying to break the momentum of buyers and are willing to break below the 20 day EMA to initiate fresh selling in the stock. However, the bulls held the level, maintaining their grip.
Applied Materials, Inc. provides manufacturing equipment, services and software to the global semiconductor, display and related industries. The Company’s sub-segments are Semiconductor Systems, which includes semiconductor capital equipment used for chip making processes including the transfer of patterns into device structures etc.
At press time, AMAT stock was traded at $136.07 with an intraday drop of 2.05%, showing profit booking in the last trading session. Furthermore, the intraday trading volume was noted at 6.957 Million, which marks an increase of 3.23%. The increase in trading volume indicates bullish pressures, and suggests that the price is likely to hit $150 in the upcoming session where the channel trajectory shows on the charts.
AMAT Forms Higher Highs on Daily Charts
On the daily charts, AMAT stock shows a rising parallel channel, it’s on the incline over past few sessions. Buyers continue to accumulate the stock and defend the channel’s lower trendline multiple times, showing their intention to achieve the mark of $150 soon.
Moreover, the traction is gained by bulls and long build-up activity was noted on the charts. In the past trading sessions, AMAT stock was trading above the key moving averages, but a retracement move was noted which led to the 20 day EMA being retested which acts as a support.
Short Term Charts Giving Indications of a Trend Reversal
On the 4 hour charts, Applied Materials stock is sliding from the top and noted with a corrective move in the last session losing the gains. Furthermore, the leading indicators are indicating a retracement, and the price is heading towards the primary support of $130 which can be retested in the upcoming sessions.
The RSI curve is dragging from the overbought zone, sinking below the neutral mark and showing negative divergence which indicates volatility.
The MACD indicator also shows a bearish crossover and that the stock is not able to sustain on the top. Eventually, the price reverts back to take support on the 20 day EMA.
Conclusion
AMAT stock is still trading in the bullish territory, retesting the 20 day EMA and taking support on it. Investors laid eyes on the next move to take further positions.
Technical Levels:
Support Levels:$130
Resistance Levels: $145 and $150
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
