Possible Bullish Inside Day Candle Pattern Detected for Lam Research (NASDAQ:LRCX)
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 $92.51 and $93.11 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.
In the past 52 weeks, shares of Lam Research have traded between a low of $61.20 and a high of $95.77 and are now at $92.72, which is 52% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.
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.
Based on a current price of $92.72, Lam Research is currently 1.1% above its average consensus analyst price target of $91.71. The stock should find initial support at its 50-day moving average (MA) of $78.71 and further support at its 200-day MA of $74.19.
SmarTrend recommended that subscribers consider buying shares of Lam Research on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.55. Since that recommendation, shares of Lam Research have risen 17.3%. We continue to monitor LRCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle lam research