LRCX closes lower for the 2nd day in a row

Lam Research (LRCX) Technical Analysis Report for Apr 16, 2018

Highlights

LRCX finds buyers around 201.60 for the third day in a row
LRCX finds buyers at key support level
LRCX closes lower for the 2nd day in a row
LRCX stuck within tight trading range
LRCX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, LRCX ended Monday at 203.55 edging lower $0.19 (-0.09%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for LRCX

Volatility

Monday's trading range was $4.16 (2.03%), that's far below last trading month's daily average range of $8.22. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 201.60 and 208.58 which it has been in now for the last three days.

Support/Resistance

After trading as low as 201.60 during the day, the share bounced off the key support level at 203.41. The failure to close below the support could increase that levels importance as support going forward. The market found buyers again today around 201.60 for the third trading day in a row after having found demand at 202.77 in the prior session and at 202.25 two days ago.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying might speed up should prices move above the close-by swing high at 208.58 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

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