By Mill Chart
Last update: Dec 8, 2023
Our stockscreener has identified a possible breakout setup on APPLIED MATERIALS INC (NASDAQ:AMAT). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:AMAT for potential opportunities.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Taking everything into account, AMAT scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, AMAT has proven to be a steady performer, scoring decent points in every aspect analyzed.
Check the latest full technical report of AMAT for a complete technical analysis.
Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:AMAT is 8:
AMAT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 148.75. Right above this resistance zone may be a good entry point.
To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.
Of course, there are many ways to trade or not trade NASDAQ:AMAT and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
APPLIED MATERIALS INC
NASDAQ:AMAT (2/23/2024, 8:44:06 AM)
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