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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. Today's price range of $199.48 and $200.81 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 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.

There is potential upside of 31.8% for shares of Lam Research based on a current price of $200.77 and an average consensus analyst price target of $264.55. The stock should discover initial support at its 50-day moving average (MA) of $191.75 and subsequent support at its 200-day MA of $173.33.

In the past 52 weeks, shares of Lam Research have traded between a low of $122.64 and a high of $218.49 and are now at $200.77, which is 64% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.5%.

SmarTrend is monitoring the recent change of momentum in Lam Research. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Lam Research in search of a potential trend change.

Keywords: bearish inside day candle lam research

Ticker(s): LRCX