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AMAT trade ideas

Long $AMAT This is a chart of $AMAT on a 4hr candlestick with a Fib Retracement too and the TradingView "Long Position" tool. As you can see, AMAT has just broken out of a pennant. I would wait for a pullback to the $130 level to add shares. If it goes to $125, I will add to my position. Keeping stops tight due to the uncertainty of this choppy and fearful market, I would set it at about the $121 mark right where a Fib line is. This analysis tells me $AMAT may be $171, which would be my PT level for a very successful trade. If I were to take a position of 10 shares, I would be adding 7@$130 and then 3@$125, which would be a CBPS of $128.5. If I would then be risking $7.5 per share to potentially make $42.5 per share. I liked what I saw from Applied Material's recent earnings report, I think there is good sentiment around this name, this is a name I would go long on.
NASDAQ:AMATLong
by mvnicosia