KLAC pushes through 100-day moving average
KLAC ended Monday at 108.85 gaining $1.26 (1.17%) on low volume. Trading up to $1.46 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $2.38 (2.19%), that's far below last trading month's daily average range of $4.13. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 105.69 and 110.25 which it has been in now for the last trading week.
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. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Prices are trading close to the key resistance level at 110.25. The share found buyers again today around 107.20 for the third trading day in a row after having found demand at 106.97 in the previous session and at 107.06 two days ago. After spiking up to 109.58 during the day, KLAC found resistance at the 20-day moving average at 109.43.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 100-day moving average at 108.83 today for the first time since April 12th.
Buying might speed up should prices move above the nearby swing high at 110.25 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 106.97 where further sell stops could get triggered. As prices are trading close to April's high at 111.60, upside momentum might speed up should the share mark new highs for the month. As prices are trading close to April's low at 103.54, downside momentum could accelerate should KLAC mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bearish Bounce off SMA 20||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
|Low close to previous two Lows||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
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