Lam Research May Be Done ConsolidatingLam Research rallied sharply in late April and early May. Now, after a period of consolidation, some traders may expect a breakout.
The first pattern on today’s chart is the bullish price gap on May 12 after Treasury Secretary Scott Bessent lowered tariffs on China. LRCX spent the next two weeks in a range between $79.78 and $86.04, while holding above its March high. Did new support form above old resistance?
The maker of chip equipment established itself above the 200-day simple moving average (SMA) in the process. The 200-day SMA is also turning positive. Those signals may be consistent with longer-term bullishness.
Next, the 8-day exponential moving average (EMA) is above the 21-day EMA and MACD is rising. Those signals may be consistent with shorter-term bullishness.
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