KLA Corp. (KLAC) a producer of process control equipment for semiconductor manufacturing, has been in the Green Favored Zone of the SIA NASDAQ 100 Index Report since August. Yesterday, the shares finished in 17th place, up 3 spots on the day and up 8 positions in the last week.
Throughout 2021, KLA Corp. (KLAC) has been under accumulation with most corrections and downswings being contained at consistently higher lows, including one a few weeks ago, which helped to confirm the current uptrend. In the last few days price gains have accelerated on higher volume indicating increasing investor interest. Yesterday, the shares broke through $375 to a new all-time high, signaling the start of a new upleg.
Measured moves from previous trading ranges suggest potential resistance near $425.00, $430.00, $480.00, and $495.00. Initial support appears near the $350.00 round number.
KLA Corp (KLAC) started the year off with a High Pole rally and throughout 2021, the shares have remained in an upward course, advancing in a rising channel of higher highs and higher lows and positive pattern completion including a bullish Spread Triple Top in September which remains active. November has started off on a positive note with another breakout to a new all-time high, completing a bullish Double Top pattern and signaling the start of a new upleg.
Based on vertical and horizontal counts, next potential upside resistance appears in the $449.25 to $458.25 zone, around the $450.00 round number, then in the $500.00 to $505.95 area. Initial support appears near $347.29 based on a 3-box reversal.
With its bullish SMAX score increasing to 8, KLAC is exhibiting strength against the asset classes.
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