KLA Corp (KLAC) Weekly Chart
This morning, Citigroup raised their price target on KLA Corp (KLAC) from $178 to $214 while maintaining a buy rating on the stock.
At 2:30 PM ET, KLAC is up 4.9% to $197.36.
Let’s review our weekly cycle analysis.
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that KLAC is in a short-term declining phase. The next projected low is due in the middle-to-end of August. Weekly momentum is negative.
On the upside, there is an intermediate-term Fibonacci extension zone from 214.52 – 232.74.
On the downside, there is an intermediate-term support at 185.91 followed by another zone of support from 171.44 – 159.75.
For the bears to regain control of the intermediate-term, we would need to see a close below 131.42.
askSlim Sum of the Evidence:
KLAC is in a short-term corrective period in an overall very positive cycle pattern. We see a likelihood that the stock will test the intermediate-term supports beginning at 186 by mid-August before entering a much more positive period in the fall of this year.
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