LRCX closes lower for the 2nd day in a row
Lam Research Corporation (LRCX) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (LRCX as at Apr 16, 2018):
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.
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.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 208.58 where further buy stops could get triggered.