News Image

APPLIED MATERIALS INC is showing promising signs of setting up for a breakout.

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.

AMAT Daily chart on 2023-12-08

Analyzing the Technical Aspects

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.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • Looking at the yearly performance, AMAT did better than 87% of all other stocks. We also observe that the gains produced by AMAT over the past year are nicely spread over this period.
  • AMAT is part of the Semiconductors & Semiconductor Equipment industry. There are 104 other stocks in this industry. AMAT outperforms 77% of them.
  • AMAT is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so AMAT is lagging the market slightly.

Check the latest full technical report of AMAT for a complete technical analysis.

Looking at the Setup

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.

Trading setups like NASDAQ:AMAT

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.

Keep in mind

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.

Back

APPLIED MATERIALS INC

NASDAQ:AMAT (2/23/2024, 8:44:06 AM)

200.87

+1.14 (+0.57%)

AMAT News

News Image21 hours ago - The Motley FoolWhy ASML Stock and Applied Materials Just Popped, But Intel Dropped

When Nvidia wins, (almost) everybody else in AI and semiconductors wins, too.

News Image21 hours ago - ChartmillThursday's session: top gainers and losers in the S&P500 index

Stay informed about the performance of the S&P500 index in the middle of the day on Thursday. Uncover the top gainers and losers in today's session for valuable insights.

News Image22 hours ago - InvestorPlace3 Stand-Strong Stocks to Buy as Inflation Concerns Fester

Certain robust inflation stocks can withstand rising prices because they boast pricing power, strong margins, and stable demand.

News Image22 hours ago - Zacks Investment ResearchApplied Materials (AMAT) Is Up 7.39% in One Week: What You Should Know

Does Applied Materials (AMAT) have what it takes to be a top stock pick for momentum investors? Let's find out.

News Imagea day ago - ChartmillCurious about the S&P500 stocks that are gapping on Thursday? Explore the gap up and gap down stocks in the S&P500 index during today's session.

Curious about the S&P500 stocks that are gapping on Thursday? Explore the gap up and gap down stocks in the S&P500 index during today's session.

News Imagea day ago - Zacks Investment ResearchWall Street Analysts Think Applied Materials (AMAT) Is a Good Investment: Is It?

According to the average brokerage recommendation (ABR), one should invest in Applied Materials (AMAT). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?

News Imagea day ago - The Motley FoolThis Semiconductor Stock Has 32% Upside, According to 1 Wall Street Analyst

The state of the semiconductor market should improve through 2025, driving shares of this equipment manufacturer higher.

News Imagea day ago - ChartmillThese S&P500 stocks are moving in today's pre-market session

Thursday's pre-market session: top gainers and losers in the S&P500 index

News Image2 days ago - Market News VideoNotable Wednesday Option Activity: ACA, ABT, AMAT
News Image2 days ago - InvestorPlaceWall Street Favorites: 7 Growth Stocks With Strong Buy Ratings for February 2024

Here are just a few of the top growth stocks investors may want to seriously consider as we get deeper into the new year.

News Image2 days ago - Zacks Investment ResearchIs Anterix (ATEX) Stock Outpacing Its Computer and Technology Peers This Year?

Here is how Anterix (ATEX) and Applied Materials (AMAT) have performed compared to their sector so far this year.

News Image3 days ago - ChartmillStay updated with the movement of S&P500 stocks in today's session. Discover which S&P500 stocks are making waves on Tuesday.

Top S&P500 movers in Tuesday's session

AMAT Links
Follow us for more