Check for support near 159.51-161.01
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(LRCX 1D Chart)
If LRCX finds support near the 159.51-161.01 level and rises, it is expected to rise to around the Fibonacci level of 2.618 (197.94).
Since the current price level is within the previous high range, it should maintain the price above the 159.51-161.01 level if possible.
If not, a normal downtrend is likely.
At this point,
1st: M-Signal on the 1W chart (around 134.21)
2nd: M-Signal on the 1M chart (around 113.0)
There is a possibility of a decline to the 1st and 2nd levels above, so we need to consider a response plan.
A normal downtrend should be considered a profit-taking period.
This means it's likely difficult to determine the right time to buy again.
However, we can use various methods to mark support and resistance points and determine the right time to trade by checking for support.
Even so, it's difficult to easily buy during a normal downtrend.
It's best to consider the right time to buy when support is found around the DOM (-60) to HA-Low range and then determine the right time to trade.
Currently, the HA-Low indicator is at 65.49, so if it falls below 159.51 and continues to decline, the HA-Low indicator is likely to form.
If the HA-Low indicator forms, a new wave will form, so it's important to check for support at that time.
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Thank you for reading.
We wish you successful trading.
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