Don't Ignore This Chart!

KLA-Tencor (KLAC) Testing Key Support Zone

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Semiconductors ($DJUSSC) are one of the worst areas of the market today and have been one of the worst areas of technology over the past week.  KLA-Tencor (KLAC) has hit a key area of support, however, and certainly presents a much better reward to risk opportunity.  60.53 represents gap support and the February intraday low was 59.74.  These are two critical levels to watch as support in the near-term.  Should the DJUSSC begin to lead again on a relative basis, KLAC would most likely follow suit.

Happy trading!

Tom Bowley

Tom Bowley
About the author: is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market. Learn More
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