Today’s instrument is the Applied Materials Inc. stock traded in the Nasdaq exchange under the ticker AMAT. 

If we look at the AMAT Weekly chart, we can see has been stuck in a channel during the past week, without any notable moves. Yesterday 18/11/2021, even though AMAT announced their third-quarter earnings report, showing worse both EPS and Revenue forecasts, it managed to close the day strongly in the green. During yesterday’s session, the price dropped to as low as $155 near the opening bell but then recovered, closing the day at $158. The nearest support level can be found at $155 and the closest overhead resistance of $159.

Today we could expect a move upwards near the resistance of $159 possibly further towards $162.

If however, it doesn’t manage to hold above the current price range then a case can be made for moving towards and below the support of $155.

(Click on image to enlarge)