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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.