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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kla-Tencor (NASDAQ:KLAC) based on the price action in the company's shares. Yesterday's price range of $68.93 and $69.38 is within the prior day'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Kla-Tencor share prices have been bracketed by a low of $44.95 and a high of $77.85 and closed yesterday at $69.19, 54% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.4%.

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 (NASDAQ:KLAC) is currently priced 4.5% above its average consensus analyst price target of $66.11. The stock should find resistance at its 50-day moving average (MA) of $70.79, as well as support at its 200-day MA of $62.58.

SmarTrend is monitoring the recent change of momentum in Kla-Tencor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Kla-Tencor in search of a potential trend change.

Keywords: bearish am inside day candle kla-tencor

Ticker(s): KLAC