LRCX At $150 Resistance

LRCX has been performing very well for me since I first entered into this at $100 back in December.

The entry method was based on an “Inside Bar” following the breakout above and then pullback to retest the $100 resistance-turned-support zone. I have marked this in the daily time frame above.

An “Inside Bar” is one which is totally encapsulated by the range of the previous bar and is formed following a pullback in price. Add a key level of support and resistance and you have effectively a spring-like result where we now want to see price bounce off support or resistance in the direction of the trend and, ideally, with some real momentum.

Another way of looking at it is like throwing a tennis ball against a wall. On impact with the wall, the tennis ball first compresses before firing back at you.

The Inside Bar setup at $100-support has gone on to give price the momentum to trend in a neat linear fashion all the way through to $150, triggering multiple compounds on its ascent.

I am now looking for price to clear $150 and to then move towards $200. If price fails to do that and we see a reversal in price, I have a trailing stoploss in play with significant profit locked in.

This has been a simple trade to take full advantage of.

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