Semiconductor Stocks Are Tumbling Lower, KLAC Is Getting Clocked
Nicholas Santiago | Sep 07, 2018 12:16AM ET
This morning, the leading semiconductor equipment stocks are tumbling lower. Leading stocks such as KLA-Tencor Corp (NASDAQ:KLAC), Applied Materials Inc (NASDAQ:NASDAQ:AMAT) and Lam Research Corp (NASDAQ:NASDAQ:LRCX) are all trading down by 3.0 percent or more.
The big loser in the industry group is KLA-Tencor Corp (NASDAQ:KLAC). The stock is falling lower by 8.65 percent to $108.56 a share. The stock has very solid daily chart support around the $107.30 level, this area was successfully tested earlier today. Should KLAC stock fail to hold this support area on a daily chart closing basis then it would signal another decline in the near term for the shares. The next key support area for KLAC stock would be around the $103.00 level. This support area was where the stock was defended in late July and will likely be defended again if retested. I will be watching this level closely for a long trade in the next few weeks.
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