APPLIED MATERIALS INC. - AMAT
Citigroup analyst upgraded AMAT from a "hold" to a "buy". However, monthly chart shows huge consolidation range in place. The last four months has been met with net selling as to buying. No buy signal in place on any time frame.
Weekly chart shows price below all key moving averages. Last week's trading activity resulted in a doji ... with indecision between buyers and sellers.
Daily chart shows early buyers coming back into the stock after brokerage upgrade overnight. However, those eager buyers who gapped up the stock and bought at the open were hurting somewhat, as it closed the day in the red. Is it profit-taking, or renewed selling? Watch price action next week to see which way this is headed. Monthly chart indicates downside bias for now.
No comments:
Post a Comment