KLAC closes within prior day's range after lackluster session
KLA-Tencor Corporation (KLAC) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
KLAC finished the week 3.33% higher at 173.00 after edging higher $0.57 (0.33%) today on low volume, slightly underperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KLAC as at May 22, 2020):
Friday's trading range has been $3.57 (2.05%), that's far below the last trading month's daily average range of $7.10. 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 are trading close to the key technical support level at 168.80 (S1). Prices are trading close to the key technical resistance level at 176.94 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 180.21 where further buy stops could get triggered. With prices trading close to this year's high at 184.50, upside momentum might speed up should KLA-Tencor be able to break out to new highs for the year.