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Lam Research (LRCX) Crossed Above the 50-Day Moving Average: What That Means for Investors

Lam Research (LRCX) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LRCX broke through the 50-day moving average, which suggests a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

LRCX has rallied 8.5% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests LRCX could be on the verge of another move higher.

The bullish case solidifies once investors consider LRCX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.

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With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LRCX for more gains in the near future.

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