What we expect for price movement on lam research October 21 2024

Given the available data, here's an analysis of what we might expect for Lam Research (LRCX) on October 21, 2024:

1. Technical Indicators:
   • The closing price of LRCX on October 18, 2024, was $72.84, which is below its 5-Day, 10-Day, and 20-Day moving averages of $76.44, $79.16, and $80.12, respectively. This suggests a bearish trend in the short term.
   • The 0.382 Fibonacci Retracement over the same period was $370.93, and the 0.618 Fibonacci Retracement was $555.33. The stock is currently trading below these levels, indicating a potential for further declines.

2. Market Sentiment:
   • The stock has experienced a decrease of 7.31% over the last month, which is not in line with the gains in the Computer and Technology sector and the S&P 500. This suggests that Lam Research may be underperforming compared to its peers.
   • The recent preannouncement of weak earnings by ASML, a key supplier, has caused a decline in semiconductor stocks, including Lam Research. This weak outlook could continue to impact Lam Research's stock price.
3. Upcoming Earnings Report:
   • Lam Research is scheduled to release its earnings report on October 23, 2024. The anticipation of this report could lead to volatility as investors adjust their positions.
4. Short-Term Outlook:
   • The lack of positive short-term technical indicators and the negative net fund flow of $370.96 million suggest a bearish sentiment in the immediate term.
   • However, the expected year-over-year increase in earnings and revenue in the upcoming quarter could provide some support for the stock price.

5. Conclusion:
   • Given the current technical indicators and market sentiment, it is likely that LRCX will continue to face downward pressure in the short term. However, the upcoming earnings report could provide a catalyst for a rebound, especially if the actual results exceed expectations.
   • Investors should monitor the stock's performance closely in the lead-up to the earnings report and consider the potential for a positive surprise to influence the stock's price movement on October 21, 2024.