Lam Research Pushes HigherLam Research has consolidated after dropping in July, but now traders may think the chip-equipment stock is coming back to life.
The first pattern on today’s chart is the weekly close of $84.74 from August 23. LRCX tried to break that level in September and October without success. But the stock closed above it yesterday as the broader Nasdaq-100 climbed. Is it finally breaking out?
Interestingly, the 200-day simple moving average is in the same approximate location. The stock additionally closed above it for the first time since last summer.
Next is the rounded basing pattern around an earlier peak from July 2023. That may suggest old resistance has become new support.
Finally, MACD is rising. The 8-day exponential moving average (EMA) is also above the 21-day EMA. Those patterns could indicate a bullish short-term trend.
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