Applied Materials, Inc (NASDAQ: AMAT) A potential bullish reversal to the upside  as:   

1. The formation of a bulish engulfing candlestick on 28 September at the confluence of triple bottom and bullish falling wedge support level of 82.50 points towards a bullish upside.
2. Bullish divergence was also observed where price made a lower low towards the support area, while the Commodity Channel Index (CCI) technical indicator made a higher low and is currently moving up from under the -100 oversold level. This discrepancy points to a bullish upside as momentum is picking up despite the bearish price action.
3. The price could reach the resistance level at 96.95 which is the 50% Fibonacci retracement level resistance, with the swing high of 111.365 and swing low of 82.530 as points of reference.

*Expected timeline of the trade is 13 weeks from the date of report issuance.

CHART LEGEND

Red box = Resistance zone

Green box = Support zone