New York, December 28th (TradersHuddle.com) - Shares of Applied Materials, Inc. (NASDAQ:AMAT) closed the session at $11.35 just above calculated resistance at $11.25. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $9.95 and resistance at $11.25. Given that this range was broken, traders will be closely monitoring Applied Materials' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Applied Materials is still near the broken resistance level, traders will be focusing on the $11.25 level to see if the stock holds the breakout without rolling over.
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