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Possible Bearish Inside Day Candle Pattern Detected for Kla-Tencor Corp (NASDAQ:KLAC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kla-Tencor Corp (NASDAQ:KLAC) based on the price action in the company's shares. Today's price range of $132.88 and $132.88 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Kla-Tencor Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry. The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Kla-Tencor Corp (NASDAQ:KLAC) is currently priced 1.2% above its average consensus analyst price target of $131.33. The stock should discover initial support at its 50-day moving average (MA) of $112.74 and subsequent support at its 200-day MA of $106.46.

In the past 52 weeks, Kla-Tencor Corp share prices have been bracketed by a low of $80.65 and a high of $133.84 and are now at $132.88, 65% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Kla-Tencor Corp on June 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $108.89. Since that recommendation, shares of Kla-Tencor Corp have risen 22.5%. We continue to monitor KLAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle kla-tencor corp

Ticker(s): KLAC