Applied Materials (AMAT)

[thetechtrader]

My near-term work on AMAT indicates that the double bottom lows of 12.30 on Nov 23 and Nov 30 ended a 6 percent correction off of 13.08, and that all of the action since then represents the start of another upleg that is heading for a test of 13.08. If hurdled and sustained, this should trigger upside follow-through towards 13.80 thereafter. At this juncture, only a break of 12.30 will invalidate my current positive technical outlook.

http://www.mptrader.com/middayminute/12/2010/3/