LRCX closes higher for the 4th day in a row


Lam Research Corporation (LRCX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

LRCX breaks back above 200-day moving average
LRCX dominated by bulls lifting the market higher throughout the day
LRCX closes higher for the 4th day in a row
LRCX pushes through Wednesday's high

Overview

Moving higher for the 4th day in a row, LRCX ended Thursday at 260.34 gaining $26.79 (11.47%), significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 250.11, the stock confirmed its breakout through the prior session high after trading up to $10.87 above it intraday.

Daily Candlestick Chart (LRCX as at Mar 26, 2020):

Daily technical analysis candlestick chart for Lam Research Corporation (LRCX) as at Mar 26, 2020

Thursday's trading range has been $25.98 (10.82%), that's above the last trading month's daily average range of $21.64. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for LRCX.

One bullish candlestick pattern matches today's price action, the White Candle.

Lam Research managed to close back above the 200-day moving average at 249.49 for the first time since March 13th. When this moving average was crossed above the last time on March 13th, LRCX actually lost -18.43% on the following trading day. Prices are trading close to the key technical resistance level at 272.58 (R1).

Though the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Lam Research. Out of 142 times, LRCX closed higher 56.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.45% with an average market move of 1.60%.


Market Conditions for LRCX as at Mar 26, 2020

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