AMAT has been seriously testing its dynamic support through last weeks earnings report, but has not yet posted a full daily candle beneath. Still, that support has been functionally invalidated by 4 successive candles poking through. In my opinion, a new technical structure is therefore forming. How price action respects the MA200 and/or key supports in the 115-120 range will help define the new channel and pattern.The largest potential drop (excluding external catalysts) could be to the 118 level, i.e. at the confluence of the MA200 and 19MAY low.
Longer term,
AMAT will continue to post blowout earnings, which should lead to new ATH in late 2021/early 2022. In the meantime, we may see it continuing to trade on the lower side of FMV with a weak upward trend.Catatan
Looks as though AMAT has re-claiming the ascending support, having now posted 3 D candles above that line since the week of tests. This solidifies a support at 125.00 for the future, which may come in handy for the bulls.
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