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  • Swing Trade Idea (AMAT) – September 21, 2023

    Sep 21, 2023 Swing Options Tips Comments Off on Swing Trade Idea (AMAT) – September 21, 2023

    Our bearish trade for Thursday, September 21st is  Applied Materials, Inc. (AMAT). AMAT is part of the Technology Sector, which has performed at 0.90% over the last month, with AMAT underperforming relative to its sector at -7.93% over the same period.

    AMAT formed a double top at $150 and is retracing to lower levels. As this price is around the 2021 highs and it has reached a point of exhaustion, we believe that further downside can be expected. The next area of support is at around $ 120.

    As a close, if AMAT were to trade above $142 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $7.62 Debit.

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