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Applied Materials Slammed At Key Resistance, Is This A Warning Sign?

Published 01/10/2018, 12:15 AM
Updated 07/09/2023, 06:31 AM

Today, the leading semiconductor equipment stock, Applied Materials, Inc. (NASDAQ:AMAT), is falling lower by 3.18 percent. This drop in the stock comes as the shares tested the high of November 29, 2017. This date is significant because this is when AMAT stock plunged lower by $4.18 on 25 million shares on that tradfing day. The price action today suggests that there are still a lot of sellers at this level and the stock will need more backing and filling before trading above this key resistance zone at $57.00. Currently, AMAT stock is trading down by $1.52 to $54.39 a share. It should be noted that while the major stock indexes are making new all time highs this leading chip stock is forming a potential lower high on the charts. This could be signaling trouble is coming ahead for the semiconductor equipment stocks and possibly the entire tech sector.

AMAT Chart

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