Getting Cautious on Applied Materials
With a boost from last night's first-quarter earnings report, Applied Materials (AMAT) is extending its powerful rally. Since holding above major support near the $10 level in mid-November, the stock has put in 13 straight higher weekly lows. This impressive move has lifted shares by nearly 40%, a move that today is testing the 2012 spike highs. The early stage of the bull run carried the shares up to a key supply zone near $12. When a massive buying wave kicked in Jan. 17, stage two was under way with major momentum.
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