On Monday, Lam Research Corporation (NASDAQ:LRCX) shares witnessed a significant surge, climbing as much as 6.7% during intraday trading.
This notable increase marked the stock's largest intraday rise since December 2, 2024. The stock's ascent brought it to test the 23.6% Fibonacci retracement level, which is a technical indicator used by traders to predict potential reversal points in the price of an asset.
The rise in Lam Research's stock price saw it reaching $80.15, its highest level since October 15, 2024. This performance indicates a strong start to the week for the company, as it appears to recover from the lows experienced in the previous months.
The company's shares have been on an upward trajectory over the last year. As of the last close, Lam Research stock has risen 2.6% in the last 12 months, reflecting a steady growth amidst market fluctuations.
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