KLAC pushes through Monday's high
KLA-Tencor Corporation (KLAC) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
KLAC ended Tuesday at 124.35 gaining $2.10 (1.72%) on high volume, significantly outperforming the Nasdaq 100 (0.34%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 123.59, KLA-Tencor confirmed its breakout through the previous session high after trading up to $0.92 above it intraday.
Daily Candlestick Chart (KLAC as at Apr 16, 2019):
Tuesday's trading range has been $1.84 (1.5%), that's below the last trading month's daily average range of $2.36. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KLAC. Prices continued to consolidate within a tight trading range between 121.21 and 124.51 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on April 10th, KLAC actually lost -0.35% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 125.50, upside momentum could accelerate should the stock be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for KLA-Tencor. Out of 469 times, KLAC closed higher 53.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.70% with an average market move of 0.87%.