KLAC dominated by bulls lifting the market higher throughout the day
KLA-Tencor Corporation (KLAC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KLAC finished the month 10.53% higher at 194.48 after gaining $2.75 (1.43%) today, underperforming the Nasdaq 100 (1.96%). Today's close at 194.48 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 191.75, the share confirmed its breakout through the previous session high after trading up to $4.11 above it intraday.
Daily Candlestick Chart (KLAC as at Jun 30, 2020):
Tuesday's trading range has been $4.83 (2.53%), that's slightly below the last trading month's daily average range of $6.01. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KLAC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, KLAC gained 0.70% on the following trading day.
Prices are trading close to the key technical resistance level at 196.25 (R1).
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 197.50, upside momentum might speed up should KLA-Tencor 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 OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for KLA-Tencor. Out of 602 times, KLAC closed higher 51.83% 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 59.80% with an average market move of 0.58%.