OptionsPlay DailyPlay

The bullish DailyPlay we chose for Wednesday Nov 29th is Applied Materials (AMAT). AMAT is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 3.47% move higher and its 1m and 6m trend has turned bullish on 9/27 and recently broke above its $64 resistance level.

Applied Material’s 1m and 6m trends turned bullish on 11/16 and recently broke above its $57 resistance level which now becomes support. With a technical score of 8 (out of 10), AMAT is a strong bullish stock that is likely to continue higher.

View this Trade Idea on AMAT

As a stop loss, if AMAT was to trade below $57 for multiple days, this would invalidate our analysis and suggest getting out of the trade.

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