Applied Materials ($AMAT) experienced a sharp decline

Applied Materials (AMAT) experienced a sharp decline of over 13% in the past 24 hours following an otherwise strong quarterly report.

The market reaction was driven by a weaker-than-expected forecast, which triggered heightened selling pressure and contributed to a significant decline this week.

From a technical standpoint, the $160 level is acting as a critical psychological and structural support zone, aligning with the 50% Fibonacci retracement level.

While there remains potential for further downside, I have initiated a buy position. Should the price continue to decline, I plan to add to my holdings using a Dollar-Cost Averaging (DCA) strategy.

As always, trade with caution.
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