Monster Sell Signal On $LRCX Has Me Shorting Now
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Posted On: 01/09/2017 10:52:46 AM
It is rare I come across such a powerful sell signal. The sell signal appears onLam Research Corporation (NASDAQ:LRCX) and its origin can be found all the way back in the financial crisis lows of 2008. Take that low pivot, connect it to the high from late 2014 and the trend line will go to the current stock price. Anytime a trend line goes back this many years, it is usually a monster sell signal, meaning a multi-year high. When they see this, hedge funds will be shorting the stock and institutional investors selling. Follow the smart money and join the party. The first downside target is $84, then $60. See the stock chart below for proof of this amazing trend line resistance.
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