Short
KLA - Looks like that the medium term trend has changed
Bearish trend confirmation indications:
1. Formed a double top on the Weekly and Monthly charts
2. It is coming down in a stair step fashion, making lower highs and lower lows on the Daily Chart
3. The bullish trend has been running since a long time, but the monthly candle for November
was a big red engulfing candle, and a bearish closing near the lows.
4. Seems that the Bulls have exhausted.
There might be two scenarios in the near future.
Scenario 1.
Price might go up to Resistance Zone of ~$63.00 - ~$66.00, and then fall.
Scenario 2.
Price might consolidate within ~$53.00 - ~$57.00 and shall break the Support of $ 53.00 and close below.
In either case, I think that the Bulls have got weak at the current levels, and buying is Risky now. I am expecting price to fall below Support of $53.00 and would be looking to buy at Strong Support Zone (at or close to $39.00 - $41.00) after confirmation of Bullish Price Action. The Support Zone of $39.00 - $41.00 has been strong in the past as well, so it might be a very good buying opportunity when it reaches the Support Zone.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
1. Formed a double top on the Weekly and Monthly charts
2. It is coming down in a stair step fashion, making lower highs and lower lows on the Daily Chart
3. The bullish trend has been running since a long time, but the monthly candle for November
was a big red engulfing candle, and a bearish closing near the lows.
4. Seems that the Bulls have exhausted.
There might be two scenarios in the near future.
Scenario 1.
Price might go up to Resistance Zone of ~$63.00 - ~$66.00, and then fall.
Scenario 2.
Price might consolidate within ~$53.00 - ~$57.00 and shall break the Support of $ 53.00 and close below.
In either case, I think that the Bulls have got weak at the current levels, and buying is Risky now. I am expecting price to fall below Support of $53.00 and would be looking to buy at Strong Support Zone (at or close to $39.00 - $41.00) after confirmation of Bullish Price Action. The Support Zone of $39.00 - $41.00 has been strong in the past as well, so it might be a very good buying opportunity when it reaches the Support Zone.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Note
Price is consolidating at trendline support.Note
Trade active
Price has been consolidating with Bullish Green Price Action over Strong Support, there is also confluence of trendline support and High Volume Profile Zone between $55.50 and $56.00. I expect price to go up and hit the Resistance Zone between $63.00 and $66.00.Note
Note
Bullish Price Action Above Support and Trendline. MACD has crossed which is a sign that Bearish Momentum has shifted or diminishing and Bulls may take control and take price up.Note
Note
KLA moved up and swiftly headed lower and is now at Support Level of $52.00. If the Support level of $52.00 does not hold, then KLS may come down to the next Support Zone of $38.00 - $41.00 range.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.