Applied Materials Is Close to Important Price Levels

New York, December 25th (TradersHuddle.com) - Applied Materials, Inc. (NASDAQ:AMAT) closed the trading day at $11.37, near its 50 day and 200 day moving averages currently set at $10.84 and $11.26 respectively. Applied Materials' price action placed the stock above these important levels, which could translate into a trading opportunity.

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.

Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.

The peaks and troughs algorithm shows calculated support at $9.95 and resistance at $11.25. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.

If traders want to establish a long position in Applied Materials, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.

Note - Automated Content Created By TradersHuddle's Technical Scanner




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