AMAT - Technical analysis 02/23/2018

AMAT is just one of my favorite stocks. It has an amazing fundamentals and it is worth to be part of every portfolio. But lets do a quick technical analyse and see what are the key support and resistance levels, which will be great entry and exit points for trading.  Currently the price is 56.07$ which is only 6 cents decline from yesterday.

Looking at the daily graph, we are seeing that the price is currently over the 200 MA and also there is a really nice rebound from it. Checking also on the Ichimoku cloud there is a nice long green candle, which closed over the cloud. From this we can say that the trend is definitely bullish.

Now lets find the support and resistance levels.  There a few ways to check on this, but my favorite one is with pivot points. Looking at the monthly levels from January, I calculated the pivot points below.

EA Builder

R4 R3 R2 R1 PP S1 S2 S3 S4
77.05667 69.54667 62.03667 57.83333 54.52667 50.32333 47.01667 39.50667 31.99667

So the 54.52 is our pivot point level and our price is over that level. We have an additional confirmation that the trend is bullish. Lets place the pivot points lines on the chart. Looking at the graph below, we are seeing that at R1 and S1 the price is declined 3 times on each leave. This will be our entry levels. If there is a deline on the current price a 50.32$ will be a great entry point with exit point 57,83$ or 62.03$. There will be some nice profit! :) If the bullish trend continues the R1 level will be a nice entry point (57,83$) and the exit point could be 62,03$ and if it pass that level it can easily go to 69$!

Please note that this my view of the graph and you should trade responsibly!