Lam Research Corporation (LRCX) edged higher in recent intraday trading, while negative pressure persists as the stock continues to trade below its 50-day Simple Moving Average (SMA), which is acting as dynamic resistance and reinforcing the stability of the short-term bearish corrective trend. Meanwhile, momentum indicators continue to generate bearish signals after previously reaching extremely overbought territory, adding further downside pressure to the stock.

 

Therefore, our outlook remains bearish for the stock’s upcoming trading sessions, as long as resistance at $345.00 remains intact. Under this scenario, the stock is expected to target the support level at $277.00.

 

Today’s price forecast: Bearish.