Applied Materials (AMAT) was the beneficiary of a Barclay's upgrade this morning and an upwardly revised target price to 17 from 12, which is having a positive impact on the stock price.

An upgrade to an already powerful chart picture and technical set-up aligns the fundamentals and the technicals, in this case both bullish.

AMAT is heading next for a confrontation with its 2010 resistance line, now at 13.78, which if hurdled should trigger upside continuation to test 14.00/10.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.