KLA-Tencor Shows Signs of a Bottom

KLA-Tencor (KLAC) is near what now appears to be a significant support zone. Just prior to Thanksgiving week, the stock was hit with two straight days of heavy selling. The downdraft pushed the shares to fresh 2012 lows as the $44.00 level was pierced. After falling below the June lows, KLAC filled a powerful breakout gap that was left behind nearly one year ago. Despite coming very close to closing this gap numerous times, most notably during at the June lows, KLAC held above this key level. With this gap now filled, the stock is attempting to build a base that could provide the footing needed for a healthy rebound.

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