Lam Research Corporation Announces $5 Billion Share Repurchase ALRCX: Lam Research Corporation
2020-11-05 16:05:00
Lam Research Corporation Announces $5 Billion Share Repurchase Authorization and Declares Quarterly Dividend
LAR0 trade ideas
BUY LAM RESEARCH straight awayHey people,**DISCLAIMER** content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Tighten the possibility that buyers return their area and for a breakout.
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9/28/2020 LRCXLRCX has reached the 1.618 retracement implying the possible end of wave 3 of wave 1 of an extended wave 5. It could dip a bit to 330 then up to 350 possibly. Then a wave 2 correction to the 0.618 retracement of the wave finshed wave 1 in the short term. After which wave 3 is expected of the minor wave 5. I will be going long after wave 2 finishes which may be around 310-320.
LAM RESEARCH CORP BULLISH ENGULF COULD TAKE STOCK TO BOC LEVELWith the 2 week LRCX candlestick showing bullish engulf, Lam Research Corporation may be ready to rally up to re-visit the Bearish Order Candle (BOC) at $347.19. Depending on market open on Monday, a gap-up above current price would likely be good to enter the stock at 306.22 while gap-down below current price might be good above 292. There is possibility for the stock price to drop to 270.
Risk: Market sentiment remains bearish.
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
Lam Research Sitting Near the 50-day SMAChips have been one of the stronger parts of the market lately as the economy rebounds from coronavirus and applications like cloud computing and videogaming flourish.
Lam Research is a provider of chip-making equipment. It rallied on a strong earnings report in late July, but then stalled and has now pulled back.
LRCX has stabilized in the last week or so. It had a large outside day on August 24 followed by an inside candle yesterday. Today’s another tight range, a potential sign of the short-term bearishness exhausting itself.
The consolidation has happened immediately above its 50-day simple moving average (SMA). It tested under that key line shortly before noon today, triggering an alert on the TradeStation platform.
LRCX’s current levels are also interesting because its pre-Covid peak on February 13 was $344.32. The stock broke above that level in July. It also successfully retested below it on July 24 (dragged down by Intel’s disappointing quarter).
This time around, LRCX made a higher low, while staying $3 above the early 2020 high.
Chips aren’t really in focus right now – especially given the big moves in Salesforce.com and Facebook, plus the looming splits in Apple and Tesla. So, LRCX may still need a little time. However, the longer-term trend still appears intact.
