Applied Materials (NASDAQ:AMAT) stock continues to show strength, lifting the gains forming higher highs (HH) and higher lows (HL) on the charts over the past few trading sessions. From the start of 2023, AMAT stock initiated the beginning of an uptrend and continues to climb upwards, escaping every ongoing resistance decisively. Moreover, buyers were unwilling to take a break.
At press time, AMAT stock was traded at $136.07 with an intraday drop of 2.05%, showing profit booking in the last trading session. Furthermore, the intraday trading volume was noted at 6.957 Million, which marks an increase of 3.23%. The increase in trading volume indicates bullish pressures, and suggests that the price is likely to hit $150 in the upcoming session where the channel trajectory shows on the charts. On the daily charts, shows a rising parallel channel, it’s on the incline over past few sessions. Buyers continue to accumulate the stock and defend the channel’s lower trendline multiple times, showing their intention to achieve the mark of $150 soon. Moreover, the traction is gained by bulls and long build-up activity was noted on the charts.
In the past trading sessions, AMAT stock was trading above the key moving averages, but a retracement move was noted which led to the 20 day EMA being retested which acts as a support. On the 4 hour charts, Applied Materials stock is sliding from the top and noted with a corrective move in the last session losing the gains. Furthermore, the leading indicators are indicating a retracement, and the price is heading towards the primary support of $130 which can be retested in the upcoming sessions. The RSI curve is dragging from the overbought zone, sinking below the neutral mark and showing negative divergence which indicates volatility. The MACD indicator also shows a bearish crossover and that the stock is not able to sustain on the top. Eventually, the price reverts back to take support on the 20 day EMA.
AMAT stock is still trading in the bullish territory, retesting the 20 day EMA and taking support on it. Investors laid eyes on the next move to take further positions. Support Levels:$130 Resistance Levels: $145 and $150
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