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Possible Bearish Inside Day Candle Pattern Detected for Lam Research (NASDAQ:LRCX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lam Research (NASDAQ:LRCX) based on the price action in the company's shares. Today's price range of $182.91 and $183.52 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Lam Research may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lam Research share prices have moved between a 52-week high of $209.50 and a 52-week low of $122.64 and are now trading 49% above that low price at $183.12 per share. The 200-day and 50-day moving averages have moved 0.08% higher and 0.54% lower over the past week, respectively.

Lam Research has overhead space with shares priced $183.12, or 30.8% below the average consensus analyst price target of $264.55. Lam Research shares should encounter resistance at the 50-day moving average (MA) of $190.56 and support at its 200-day MA of $165.14.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits. The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design. Lam sells its products around the world.

SmarTrend is monitoring the recent change of momentum in Lam Research. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Lam Research in search of a potential trend change.

Keywords: bearish inside day candle lam research

Ticker(s): LRCX