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Non-Tech : Kirk's Market Thoughts
COHR 198.51+0.4%3:59 PM EST
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To: Kirk © who wrote (15044)12/31/2022 12:04:10 PM
From: Kirk ©1 Recommendation

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I wrote about 2 weeks ago I think the bottom is in for stocks like LRCX...

Here is evidence... if we were to have a major bear market, I believe Lam would have fell through the dashed blue neckline rather than rally to the 200-dma then test the 50-dma on a retrace.

After such a bounce, that neckline is no longer a H&S top(*) but the higher tops could be connected with another line for a bullish megaphone pattern... far more bullish than hitting the upper red resistance line.

(*) It may never have been a H&S top since the right shoulder is higher than the head... which is more of a megaphone pattern
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