Today’s instrument is Applied Materials Inc.‘s stock traded on the Nasdaq exchange under the ticker AMAT.
When we look at the AMAT ‘s chart, we see its climb from the $112 range on the 14th of May to the $117 on the 19th of May where it struggled to consolidate, leading to the retraction back to the $108 on the 20th of May. Since then, it made another attempt to reclaim the $112 range but was unable to climb further it fell into the $102 range. It was last found trading at the $106.49 range having the closest support level at the $102.
Today we can expect a move towards and below the $102 support level, possibly near $100
If however, it manages to hold on to the current level then a move towards the $110 can be expected.
(Click on image to enlarge)
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