Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Applied Materials' stock (AMAT) fell in the last session amid the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels, marking a loss of 3.86%, or 4.28 points, and settling at 106.46, with trading volumes surpassing 16.2 million shares, above 10-day averages of 9.3 million shares.
The decline came after the company reported a drop in profits and earnings, with the company cutting down on forecasts amid supply disruptions.
Therefore we expect the stock to decline and target the support of 90.60, provided the support of 103.00 was breached.
Expected trend for today: Bearish