Lam Research Corp. - (LRCX) - February 2, 2023 (Daily Stock Report)

by SIACharts.com

Semiconductor equipment producer Lam Research (LRCX) continues to steadily work its way up the rankings in the SIA NASDAQ 100 Index Report with a recent upswing carrying the shares back up into the Green Favored Zone for the first time since October. Yesterday LRCX finished in 26th position, up 13 places on the day and up 31 spots in the last month.

Lam Research (LRCX) shares have staged a dramatic turnaround over the last six months, capped off by a major breakout yesterday. Since July, a bullish Head and Shoulders base has been forming with shoulders near $400 in July and January, and the head near $300 at the October bottom. A recent Golden Cross of the 50-day average over the 200-day average signaled that a new uptrend was getting underway. This was confirmed by yesterday’s breakout over the $500 level on volume which also completed the base pattern.

Measured moves from the head and shoulders bottom suggest potential upside resistance near $600 and $700 on trend with the previous peak near $720. Initial support moves up to the $500 round number breakout point from $475.

The recovery in Lam Research (LRCX) shares which started back in October entered a new phase yesterday with the shares climbing back up to their highest level since April. The current rally, which started with a bullish Triple Top breakout last month has added bullish Spread Double Top and Spread Triple Top breakouts, regained the $500.00 level and extended into a bullish High Pole, all combining to indicate renewed investor interest.

Initial upside resistance may appear in the $572.50 to $595.65 area, just below the $600.00 round number, where a horizontal count and previous highs converge, followed by $657.65 a level that has acted as both support and resistance in the past. Initial support appears near $488.65 based on a 3-box reversal.

With its bullish SMAX score increasing to 7, LRCX is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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