Tuesday, December 18, 2012

KLA-Tencor (KLAC) rallies through 5-month channel resistance

DEC18 2128EST. NAZDAQ-100 component KLA-Tencor Corporation (KLAC) has today rallied through the resistance trendline of a 5-month price channel, shown below in dashed red. The price action is suspect, however, as it occurred on anemic volume.

KLAC. July 16, 2012 to present. Hourly candles.
Shares closed just below $47.90, which is a horizontal resistance level corresponding to intraday highs on Nov 12 and Dec 11. A rally beyond $47.90 and into the $48s might signal that the break above KLAC's 5-month price channel has at least some staying power.