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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lam Research (NASDAQ:LRCX) based on the price action in the company's shares. Today's price range of $82.53 and $82.99 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. Traders and investors interested in shares of Lam Research may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 10.9% exists for Lam Research, based on a current level of $82.69 and analysts' average consensus price target of $91.71. The stock should discover initial support at its 50-day moving average (MA) of $78.71 and subsequent support at its 200-day MA of $74.19.

In the past 52 weeks, Lam Research share prices have been bracketed by a low of $61.20 and a high of $84.39 and are now at $82.69, 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

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: bullish inside day candle lam research

Ticker(s): LRCX