KLA-Tencor Is Ramping
Shares of KLA-Tencor (KLAC) are among the top-five gainers on the Nasdaq today. The stock is surging more than 6% on extremely heavy trading, as it extends a powerful bull move off the November lows. The spark for today's breakout move came from earlier positive reports from both Taiwan Semiconductor Manufacturing (TSM) and ASML Holding (ASMl). For its part, ASML is ramping more than 8% on over triple its average trading. The jump has pushed the shares to new all-time highs while putting some distance on its 2012 peak.KLA-Tencor (KLAC) -- Daily Source: TradeStation View Chart » View in New Window »
KLAC put in a major bottom in November. A rally off the key support zone near $44.00 lifted the shares more than 15% in less than eight weeks. This impressive rally lacked volume for the bulk of the move and, by the time KLAC began to drive through heavy 200-day moving average resistance, the lack of positive trade momentum took a toll. Early last week, the stock faded back down to gap support left behind after the Jan. 2 open. This support area held, allowing KLAC to consolidate some of the big move off the Nov. 26 lows. Heading into today's news-inspired breakout, KLAC was well positioned for more upside....105 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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