LRCX Long — $LRCX pulling back into the June breakout shelf nearLam Research CorporationNASDAQ:LRCXmnktrdOn the 4-hour chart, LRCX has established a powerful uptrend from the late-May lows near 265, printing a clean sequence of higher highs and higher lows through June. The most recent structural event was a breakout through the 345–350 prior resistance zone in early June, which has since served as a launchpad. Price ran to a new high near 410 on June 22 before pulling back sharply on June 23's open — a gap-down session that is now retesting the 365–375 zone, which corresponds to the June 12–15 consolidation shelf and the prior breakout ledge. On the 1-hour chart, the June 23 gap-down printed a low of 365.26 and has begun to stabilize, with the most recent bar (09:30 ET) reclaiming 373 after testing 367. This intrabar reclaim of the 370 area, combined with the gap being partially filled and volume surging on the flush, constitutes a valid pullback-into-support trigger. The stop is placed at 362.00 — just below the morning low of 365.26 and the 10h ATR band beneath — invalidating the trade if the pullback extends into the June 12 congestion zone. The target is the prior swing high area near 400, which was defended on the June 22 open and represents the first meaningful supply overhead; at roughly 26.5 points of reward versus 11.4 of risk the geometry is well above the required threshold. Fundamentally, the pullback appears driven by profit-taking after a 21% single-week surge following record quarterly revenue of $5.84 billion. Multiple Wall Street firms — including B of A (PT $480), Wells Fargo ($450), and Citigroup ($450) — raised targets on June 17–23, providing fresh institutional support at current levels. AI capex tailwinds remain intact with Goldman Sachs projecting hyperscaler spend of $757 billion in 2026. Earnings are 36 days out (July 29), outside this swing's expected horizon, so no binary event threatens the near-term setup. The one cautionary note is the elevated NTM P/E of ~46x and Barclays' more reserved Equal-Weight stance, which keeps this from being a highest-conviction read. For options, a call spread suits this setup better than an outright long call: implied volatility has expanded sharply after the post-earnings surge and today's gap, making single-leg premiums expensive. The July 17 expiry gives roughly three weeks to capture a move back to 400, spanning the expected target window without running into the July 29 earnings. Buying the 375 call and selling the 400 call (2026-07-17) caps the premium outlay while delivering full participation between entry and target. A second structure — a July 31 380/405 call spread — extends the window slightly past the first target, providing a fallback if the retest takes longer to resolve; however it sits closer to earnings and is therefore ranked second. 📍 Entry: 373.44 🛑 Stop: 362.00 🎯 Target: 400.00 ⚖️ R:R: 2.32