Watch for Lam Research to Potentially Pullback After Gaining 2.18% Yesterday
Lam Research (NASDAQ:LRCX) traded in a range yesterday that spanned from a low of $91.46 to a high of $93.43. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $91.10 on volume of 1.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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 15.8%. We continue to monitor LRCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, Lam Research has traded in a range of $61.20 to $93.80 and is now at $93.09, 52% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.
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