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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.



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


+1.14 (+0.57%)


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