InvestedCentral
Junior member
- Messages
- 20
- Likes
- 0
KLAC is a $5.4 billion technology company that provides process control and yield management solutions for the semiconductor manufacturing and related microelectronics industries. On Monday, KLAC printed a nasty shooting star candle off its recent uptrend. The fact that the intraday high pierced both gap resistance and the 50 day SMA, but the close failed to confirm the breakout indicates to us that the short-term is likely to be dicey at best. We like a short position here with a closing stop above the $32.00-$32.25. Should gap resistance and the 50 day SMA hold, a return trip to price support near $28.00 is not out of the question. In fact, with the Semiconductor Index (SOX) reversing at resistance, we consider a downtrend from this level on KLAC probable.
