KLAC closes below its opening price unable to hold early session gains

KLA-Tencor Corp. (KLAC) Technical Analysis Report for Sep 14, 2018

Highlights

KLAC closes below its opening price unable to hold early session gains
KLAC unable to break through key resistance level
KLAC closes higher for the 2nd day in a row
KLAC finds buyers again around 103.86
KLAC closes within previous day's range

TQ Sentiment

Report Sentiment: 25% Bearish
Technical Forecast:

Overview

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.

Daily chart for KLAC

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Buying might speed up should prices move above the close-by swing high at 107.50 where further buy stops could get triggered.

Conclusion

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 Win Rate 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
More market conditions identified for TQ Pro members...
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