Here is your next move on Lam Research ($LRCX) – April 1, 2021

by DAN LRCX 
Yesterday I focused on Lam Research ( NASDAQ: LRCX ) noting that the stock could do one of two things here, it could pull back and give you a better entry point back here or it could break out and you are in at 600.00 and so it gave us the in at 600.00 deal.

What I would suggest doing is if you are long this stock you are good. Depending on what kind of trader you are you have some decisions to make. On this weekly chart, which is here, this is your weekly chart, on the weekly chart you can see how this thing is zigzagging but it’s up above 600.00 now, this is in blue sky.

I would say it’s pretty easy to get to 700.00, that’s another 10 percent or so, that would be my measured move here. We’ve got the low here, we’ll call it 500.00, this last top of the trading range here, 600.00, a hundred bucks, it looks like it to me. My price target on this would be 700.00; the trend is intact.

Again, the breakout was big, the big volume started on Wednesday. On Thursday of a long weekend this kind of volume is pretty strong. Also, keep in mind, we’ve got earnings in 3-weeks on the 21st, and so I think what is happening is, when you think about this, with the semiconductor shortage basically, for the most part, on the planet earth that is where most of the shortage is occurring, on earth.

Then you’ve got stocks like Lam Research ( NASDAQ: LRCX ) that are really going to have made a lot of good money here because this is what they do. And I think the market is anticipating that. I would stay long on this stock, give this about 5 or 6 percent right now and just let the stock run. You go ahead and make that money and we will go back and look at it next week.

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