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Applied Materials (AMAT) Breaks Through Support at $13.13

Published on Wed, 04/03/2013 - 12:40
By Robert Cotter

Shares of Applied Materials (NASDAQ:AMAT) opened today below their pivot of $13.30 and have already reached the first level of support at $13.13. Investors may be interested in a cross of the next downside pivot targets of $13.03 and $12.76.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

Potential upside of 10.6% exists for Applied Materials, based on a current level of $13.10 and analysts' average consensus price target of $14.48. The stock should find resistance at its 50-day moving average (MA) of $13.34, as well as support at its 200-day MA of $11.71.

In the past 52 weeks, shares of Applied Materials have traded between a low of $9.95 and a high of $13.99 and are now at $13.10, which is 32% above that low price. The 200-day and 50-day moving averages have moved 0.22% higher and 0.34% higher over the past week, respectively.

By Robert Cotter