AMAT is approaching a very solid support zone as the pullback from last week’s high continues. This key zone includes the initial 2021 peak set back in early April. AMAT had mounted a powerful move(+155%) off the October 2020 lows($86) before running out of steam in April. The stock spent the next six months consolidating in a narrow range. The top of this range includes the April, August and September highs as well as the Nov. 4 breakout point($146-$143). This healthy action ended with an impressive breakout on Nov. 4th(+5.2%).
We are long AMAT in some managed accounts.