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Crazy Trend Line Spells Trouble For $AMAT

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

I use trend lines to predict pops and drops on stocks that are extended. In the case of Applied Materials, Inc. (NASDAQ:AMAT), I came across an astounding one. The current price of Applied Materials is hitting a trend line that was made between 2013 and 2015. This is very rare and thus carries more weight. When I short a stock like Applied Materials, I obviously use more than just a trend line. You must also look at indicators like MACD, RSI and Stochastics, plus fundamental valulation metrics. In the case of Applied Materials, all are extremely overbought and its P/E ratio is historically stretched. I am short Applied Materials and ready to profit on a pull back to $35.00.

View my trades and Verified performance right now, click here. Simply join Verified Investing for free and anytime I buy a stock/ETF, you will get an email. You can then opt-into the trade getting my exact entry price, target and stop. Those who take my trades, only reward me (a Verified Trader) with a few Dollars IF they get big winning trade information.

Stock market investors sell shares of Applied Materials, Inc


This article was written by Tony Jackson for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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