Applied Materials’ stock price (AMAT) edged higher in the intraday levels, after leaning on the support of the 50-day SMA, lending the stock some positive momentum, while trying to recoup some losses, amid the dominance of the downward correctional trend in the short term, with negative signals from the RSI. 

 

Therefore we expect the price to return lower, provided the support of $171.60 was reliably breached, targeting the next one at $148.00.

 

Trend forecast for today: Likely Bearish