LRCX and MU continue to trend higher

Lam Research (LRCX) and Micron Technology (MU) remain bullish and have continued to trend higher.

Both LRCX and MU have exceeded the upside counts highlighted in Straight from the Chart on December 29, 2025, as upward momentum has continued. We flagged an additional upside target for LRCX at 246 in this blog on January 13, and the stock is approaching that level.

Here is an update on Lam Research (LRCX): While above today's upside gap at 228.76-225.35 and the last higher low at 213.87, which are key risk management (trailing stop) levels, the immediate trend remains bullish, and upside momentum should continue. If LRCX exceeds the 246 area, which is the 100% extension the April-November rally projected from the late November low, the 161.8% extension provides an additional target at 314-315. While reaching the 161.8% extension could be a stretch for LRCX, new relative price highs for the stock vs. the S&P 500 and confirmation with a buy signal intact on daily MACD support the case for more upside.

Chart 1: Lam Research (LRCX) (top), vs. the S&P 500 (center), and daily MACD (bottom)

Here is an update on Micron Technology (MU): The pattern for MU is somewhat stronger but resembles the bullish setup on LRCX. While above today's upside gap at 399.60-298.00 and the last higher low at 384.30, which are key risk management (trailing stop) levels, the immediate trend remains bullish, and upside momentum should continue on MU. The stock already rallied above its 100% extension level at 391-392 to place the focus on the 161.8% extension near 514-515. While reaching the 161.8% extension could be a stretch for MU, new relative price highs for the stock vs. the S&P 500 and a strong confirming trend for daily MACD support the case for more upside.

Chart 2: Micron Technology (MU) (top), vs. the S&P 500 (center), and daily MACD (bottom)

Bullish setups remain intact for the Advanced Micro Devices (AMD), Analog Devices (ADI), Applied Materials (AMAT), ASML (ASML), Infineon (IFNNY), KLAC (KLAC), MACOM (MTSI), Teradyne (TER), and Taiwan Semi (TSM). We have featured these names either in this blog or in The Stock Pulse report.

We have also highlighted bullish chart patterns for both the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) in this blog and in our The Sector Edge report. These ETFs remain bullish as well.