Applied Materials Inc (AMAT)

I have had this chart for a while but I think now I will share it. AMAT still has a little room to run on the upside to major resistance at $51.49 but is getting close to topping out (with minor resistance at $53.93). While the indicators do not signal we are there quite yet, and that there may be a week before AMAT tops, the chart pattern is getting closer to a 'Go'. Of course, we do not trade on anticipation and will only enter the trade when the price action tells us (break of the signal reversal bar on the daily). Yet, we are getting close to a maximum extreme on our 78 bar SMA , and close to equality of our green measured move line. Unless the fundamental dynamic changes, we are getting close.

However, if price were to break above $51.49 this will signal a confirmed uptrend and we will abandon the reversal trade and only trade long.

Happy Trading

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