This morning, the leading semiconductor equipment maker KLA-Tencor Corporation (NASDAQ:KLAC) is coming under some selling pressure. Earlier today, the stock was downgraded by to neutral by Susquehanna. KLAC stock is now trading lower by $2.17 to $62.60 a share. Day traders can watch for intra-day support around the $61.97, $60.88, and $60.45 levels. These support...
Many things working for us to consider a bearish reversal. We are hitting the 5th wave of the Elliot wave. Major resistance from all the way back from 2007. MACD has a nice bearish divergence Stoch is showing the stock is overbought and due to pull back. Looking for a pull back to the blue dotted trend line.
In the short term, the upside on this stock appears limited to 56-60 by tough resistance. It seems more likely that it will turn back down to 32 in the coming months and form a possible long-term right shoulder within an inverse H&S dating back to the early 2000s.