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.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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