Is Applied Materials Closing in to Resistance?
Published on Friday, 14 December 2012 06:04 Written by TradersHuddle Wire
New York, December 14th (TradersHuddle.com) - Shares of Applied Materials, Inc. (NASDAQ:AMAT) are trading very close to calculated resistance at $11.25. The stock ended the trading session at just $11.11, which is near levels that make it difficult to buy or start a position.
Applied Materials, Inc. (NASDAQ:AMAT) provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide. The company provides a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits. Applied Materials' customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar cells, and other electronic devices manufacturers.
Applied Materials' stock range is defined by its calculated support defined at $9.95 and by the resistance level at $11.25; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Applied Materials. However, as the stock pulls back towards $9.95 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $11.25 then traders will get an opportunity to enter the stock as it moves to a higher range.
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