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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lam Research (NASDAQ:LRCX) based on the price action in the company's shares. Yesterday's price range of $266.25 and $268.37 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. Traders and investors interested in shares of Lam Research may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, Lam Research share prices have been bracketed by a low of $171.04 and a high of $344.32 and closed yesterday at $279.99, 64% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 1.6%.

Lam Research (NASDAQ:LRCX) is currently priced 5.5% above its average consensus analyst price target of $264.55. Lam Research shares have support at the 50-day moving average (MA) of $261.97 and additional support at the 200-day MA of $257.94.

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: bullish am inside day candle lam research

Ticker(s): LRCX