Looks like that the medium term trend has changed for ASX:KLA by AsimMirzaTrader — TradingView


Bearish trend confirmation indications:

1. Formed a double top on the Weekly and Monthly charts

2. It is coming down in a stair step fashion, making lower highs and lower lows on the Daily Chart

3. The bullish trend has been running since a long time, but the monthly candle for November

was a big red engulfing candle, and a bearish closing near the lows.

4. Seems that the Bulls have exhausted.

There might be two scenarios in the near future.

Scenario 1.

Price might go up to Resistance Zone of ~$63.00 – ~$66.00, and then fall.

Scenario 2.

Price might consolidate within ~$53.00 – ~$57.00 and shall break the Support of $ 53.00 and close below.

In either case, I think that the Bulls have got weak at the current levels, and buying is Risky now. I am expecting price to fall below Support of $53.00 and would be looking to buy at Strong Support Zone (at or close to $39.00 – $41.00) after confirmation of Bullish Price Action. The Support Zone of $39.00 – $41.00 has been strong in the past as well, so it might be a very good buying opportunity when it reaches the Support Zone .

Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.


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