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Applied Materials $AMAT Downside Likely Until This Epic Target Reached
Shares of Applied Materials (AMAT) have bounced recently from an oversold condition. However, the bounce is likely just temporary as an epic target has yet to be reached. Shares of Applied Materials show a major support at $25.00 on the monthly chart. This is the likely target for the in the coming months. AMAT is down from over $60 in the last year, an almost 50% decline. The washout is likely to come and buyers should be ready to pounce.
Applied Materials was upgraded by analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating. They now have a $45.00 price target on the stock, up previously from $38.00.
Your short term indicators just turned positive. So as a trade it may make you some money. But based on the chart alone, I wouldn't build a position yet. I would wait either to see a stronger indication of uptrend or see it testing ~37.5 and bouncing up.