Lam Research Leaping
Gary S. Morrow | Apr 01, 2021 03:51PM ET
Another semi stock moving sharply higher today is Lam Research Corp (NASDAQ:LRCX). Shares are up more than 6%, putting LRCX on the Top 5 S&P 500 gainers list. This powerful move is driving the stock into new all-time high territory, as heavy resistance near $604 is taken out. With shares far from overbought (daily MACD) despite reaching new highs, we believe LRCX is set up well for more upside.
LRCX is working in its seventh straight monthly gain, seventh straight higher monthly low. Solid support is now in place near the $603.00 area. This key zone includes multi-week highs in February as well as the April peak. On the downside, a close back below this week’s low ($559) would indicate this week’s breakout move has failed.
Note: We have no position.
You can read Gary S. Morrow's original post here .
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