AMAT Twin Peaks with a Deep Valley

Twin Peaks and Deep Valley usually indicate a potential change in the current trend. If AMAT were to break the black uptrend line as well as the lowest point of the Deep Valley, we would expect the initial drop to fill the April 2017 common gap around $38. Further weakness could push the stock price down to $33.

Short Entry: $44.38
Stop Loss: $46
Initial Target: $38
Risk:Reward - 1:5
Secondary Target: $33
Risk:Reward - 1:8

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Commento:

If AMAT fails to break new highs we are watching for signs of a triple top.
A breakout would negate short opportunity.