Applied Materials (AMAT) was the beneficiary of a Barclay's upgrade this morning and an upwardly revised target price to 17 from 12, which is having a positive impact on the stock price.
An upgrade to an already powerful chart picture and technical set-up aligns the fundamentals and the technicals, in this case both bullish.
AMAT is heading next for a confrontation with its 2010 resistance line, now at 13.78, which if hurdled should trigger upside continuation to test 14.00/10. sideways range-trade will continue for a while longer.
If hurdled, this will trigger a powerful follow-through to test the prior rally peak at 12.76.
An upgrade to an already powerful chart picture and technical set-up aligns the fundamentals and the technicals, in this case both bullish.
AMAT is heading next for a confrontation with its 2010 resistance line, now at 13.78, which if hurdled should trigger upside continuation to test 14.00/10. sideways range-trade will continue for a while longer.
If hurdled, this will trigger a powerful follow-through to test the prior rally peak at 12.76.
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