Applied Materials-AMAT: Earnings Release Technical Summary
ANALYST ACTIONS: Consensus Earnings: 14c at Low end of Range, 13c to 17c. EPS Revisions Trend: Neutral. Recommendation Trend: Neutral. Upgrades this year: 3, 1 in this quarter. Downgrades this year: 1.
Price Targets: High: $35, Low: $13, Mean: $20.19. Trading below Mean. TECHNICALS: Moving Averages vs Price: Bullish: +10D [$17.09], +30D [$17.01], +50D [$17.16], +200D [$16.84]. Trend: Long-Term: Bearish: Down.
Intermediate/Short-term: Neutral: consolidation, range bound $15.50-18.25. Overbought/sold: Bearish: OB in all time frames. In trading ranges this is often bearish. Accum/Distro: Bearish in all time frames, under distribution. Short-Interest Trend: Neutral, (2.59% of Float).
Price Action: Up into earnings announcement and now at top of established range which has persisted for the last 2 years. Lifetime High: $57.50. Lifetime Low: 13c. 52W High: $18.60. Close within 3.79% of 52W High. 52W Low: $14.33. Support/Resistance: S1=$17.79, S2=$17.59. R1=$17.95, R2=$18.29.
FACTORS: On monthly/weekly chart there is a large symmetrical triangle which is approaching resolution. Since the direction prior was down, this suggests further downside. On daily chart, however, there is a large consolidation range containing a bullish inverse head and shoulders pattern. It is possible on better news, outlook that a breakout above range noted could lead to higher prices.
Moves given the backdrop may be large in either direction. :
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