Lam Research Set to Possibly Pullback After Yesterday's Rally of 1.46%
Lam Research (NASDAQ:LRCX) traded in a range yesterday that spanned from a low of $98.55 to a high of $99.66. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $99.16 on volume of 1.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Lam Research have traded between a low of $61.20 and a high of $102.44 and are now at $99.28, which is 62% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.
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 24.8%. We continue to monitor LRCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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