September 19 Chart of the Day - Applied Materials
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Applied Materials, Inc. (AMAT) is a global leader in materials engineering solutions for the semiconductor, flat panel display and solar photovoltaic (PV) industries.
The company has recently been in the headlines as analysts have been expressing renewed interest in the upside potential for their share price. So we wanted to review their chart from a price action technical analysis perspective.
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Monthly Chart
On the monthly chart we can see that after setting its $255.89 all time high (ATH) this past summer price has faded back down toward previous structure.
Late last year price broke out and above previous ATHs. Often, but not always, price may revisit the area that it broke out from for a "retest" which seemingly occurred so now the question remains what is the next move for price?
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs the past few months. The bulls seemingly have been attempting to make a series of higher highs and higher lows but could be in danger of dropping the ball and letting price fade back to the downside again.
Trading around $195.95 earlier today price may be waiting for a catalyst before decisively moving in one direction or the other. The $235 area could be the potential breakout zone to retest or even create new highs.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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