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

By Nick Russo

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. Yesterday's price range of $259.10 and $265.19 is within the prior day'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.

Over the past year, Lam Research has traded in a range of $171.04 to $344.32 and closed yesterday at $262.23, 53% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.8%.

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.

Potential upside of 0.9% exists for Lam Research, based on a current level of $262.23 and analysts' average consensus price target of $264.55. The stock should find initial support at its 200-day moving average (MA) of $259.76 and further support at its 50-day MA of $252.49.

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 am inside day candle lam research

Ticker(s): LRCX