This Chart Says Applied Materials $AMAT Headed to $35.00

Shares of Applied Materials, Inc. (AMAT) recently fell sharply on earnings. While some investors and TV talking heads viewed this as a buying opportunity, smart technical traders are sounding the alert. There is a major head and shoulder pattern formation that may signal a collapse from the current $50.00+ price point, to $37.50. A head and shoulder pattern is a bearish formation. When the neck-line breaks, the pattern is triggered. Per calculations, the $37.50 is target.

Gareth Soloway

InTheMoneyStocks