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| 5/25/99 Lam Research
(LRCX)
Points to watch: LRCX closed just above support
at 28.13 on Monday, a level which has acted as support on 3 occasions since February.
The stock has been stuck in a trading range between 30 and 38 the past three months
after its 10/98-2/99 rally was stopped at 38.5 (the 50% retracement of its 6/97-10/98
decline). Daily MACD remains on its March sell signal, and the stock has fallen below both
its 21 day and 55 day (31.6) moving averages. A break below 28.13 would be a strong
sell signal, with the first downside target at 23, near the stock's 200 day moving
average.
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