If we look at the Applied Materials (NASDAQ:AMAT) weekly chart, we can see it has been stuck in a channel during the past week, without any notable moves.
On Nov. 18, AMAT announced its third-quarter earnings report, showing poor EPS and revenue forecasts. Later, it managed to close the day strongly in the green.
During yesterday’s session, the price dropped to as low as $155 near the opening bell but then recovered, closing the day at $158.
The stock can find the nearest support level at $155 and the closest overhead resistance at $159.
Today we could expect a move upwards near the resistance of $159, possibly further towards $162.
If it doesn’t manage to hold above the current price range, then a case can be made for moving towards and below the support of $155.