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At last week’s low shares of AMAT had fallen nearly 50% from its 2022 peak.  This steep decline has pushed the stock to its deepest oversold reading(weekly/MACD) on record, far more oversold than at the March 2020 bottom.  As AMAT dipped into new low territory on Friday, volume swelled dramatically.  At the close Friday became the heaviest upside day of the year. 

The $86.00 to $87.00 area should be considered a major support zone.  A meaningful rebound off this key area would not be a surprise.  Initial target is the $101.00 area(May low).  On the downside, a close back below $86.00 would indicate more basing will be needed before AMAT can mount a decent recovery. 

Long AMAT in some managed accounts. 

Not a recommendation to buy, sell or hold.