KLAC closes higher for the 4th day in a row


KLA-Tencor Corporation (KLAC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

KLAC breaks above 20-day moving average for the first time since February 14th
KLAC dominated by bulls lifting the market higher throughout the day
KLAC closes higher for the 4th day in a row
KLAC pushes through Wednesday's high

Overview

Moving higher for the 4th day in a row, KLAC finished Thursday at 149.76 gaining $12.29 (8.94%) on low volume, significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 145.94, KLA-Tencor confirmed its breakout through the previous session high after trading up to $4.53 above it intraday.

Daily Candlestick Chart (KLAC as at Mar 26, 2020):

Daily technical analysis candlestick chart for KLA-Tencor Corporation (KLAC) as at Mar 26, 2020

Thursday's trading range has been $11.41 (8.11%), that's slightly below the last trading month's daily average range of $11.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KLAC.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close above the 20-day moving average at 142.35 for the first time since February 14th. When this moving average was crossed above the last time on February 12th, KLAC gained 1.56% on the following trading day. Prices are trading close to the key technical resistance level at 154.76 (R1).

Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

As prices are trading close to March's high at 160.71, upside momentum might speed up should the share mark new highs for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for KLA-Tencor. Out of 89 times, KLAC closed higher 52.81% 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 62.92% with an average market move of 1.18%.


Market Conditions for KLAC as at Mar 26, 2020

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