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

By David Diaz

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 $261.30 and $264.87 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 (NASDAQ:LRCX) is currently priced 0.1% above its average consensus analyst price target of $264.55. The stock should discover initial support at its 200-day moving average (MA) of $259.50 and subsequent support at its 50-day MA of $253.13.

Over the past year, Lam Research has traded in a range of $171.04 to $344.32 and is now at $264.87, 55% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 2.1%.

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 tracking the current trend status for Lam Research and will alert subscribers who have LRCX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle lam research

Ticker(s): LRCX