KLAC closes below its opening price unable to hold early session gains
KLA-Tencor Corp. (KLAC) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, KLAC ended the week 0.28% higher at 104.47 after gaining $0.31 (0.3%) today. Trading $1.15 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.79 (1.71%), that's slightly below last trading month's daily average range of $2.94. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Unable to break through the key technical resistance level at 105.42, the share closed below it after spiking as high as 105.65 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 103.69 in the previous session, KLA-Tencor Corp. found buyers again around the same price level today at 103.86.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might speed up should prices move above the close-by swing high at 107.50 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for KLA-Tencor Corp.
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Close near low of period||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Down Close Near Low of Period||TQ Pro Members Only|
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