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3 Tech Stocks Rising on Unusual Volume

Lam Research

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Lam Research (LRCX - Get Report) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. This stock is trading up 9.1% at $36.65 in recent trading.

Today's Volume: 8.2 million

Average Volume: 3.3 million

Volume % Change: 247%

Shares of LRCX are ripping higher after the company reported a profit of $2.77 million, or 2 cents a share, vs. a profit of $71.83 million, or 58 cents a share, for the year-earlier period. Revenue was $906.89 million, up from $680.44 million.

>>3 Tech Stocks Hedge Funds Are Buying

From a technical perspective, LRCX is soaring higher here right off its 50-day moving average of $33.59 with monster volume. This move has also pushed LRCX into breakout territory, since the stock has taken out some near-term overhead resistance levels at $35.08 to $35.99.

Traders should now look for long-biased trades in LRCX off its next major breakout. That trade will hit once LRCX manages to take out some more overhead resistance levels at $38.17 to $38.99 with high volume. Look for long trades in LRCX as long as it's trending above $36, and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.3 million shares. If that breakout triggers soon, then LRCX will setup to re-test or possibly take out its next major overhead resistance levels at $40 to $42.
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