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Earnings Play: Applied Materials

On Thursday, after market, Applied Materials (AMAT) is expected to announce second quarter EPS of $0.91 compared to $0.70 a year ago on revenue of appx. $4.0B vs. $3.5B last year. The company's current analyst consensus rating is 23 buys, 5 holds and 0 sells, according to Bloomberg. 

From a technical point of view, Applied Materials' stock price has been holding above a rising trend line since mid to late-March. Price has been rejected by the 200-day moving average at the $54.00 level three times in the last few weeks. We are anticipating price to pull back slightly, finding support on the rising trend line around the $50.00 level before a rebound can take place to finally break above the 200-day moving average and test $60 as resistance. 

Source: GAIN Capital, TradingView

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