LITE is overvalued long-term given a 500% rise, though a short-term technical bounce is expected toward $750 following a break below support.

Finally, I'd like to mention LITE, which has started to make a bit of a splash here. It has broken below last week's lows here, and is steadily approaching the key 840 level. A small, good price gap that was filled by the decline.

But we do know that LITE has seen a strong rebound since its lows here in July. The price has increased by more than 72%, which is amazing. The reason I'm monitoring this level closely is because there's a strong upward trend line.

Breaking through this line and then confirming below it suggests a move closer to the $750 area, which is the price I am targeting for a possible technical bounce in the near term.

In the long run , I still think Lumentum stock is overvalued , especially with its 500% increase in less than a year. But in the end, we will see what happens to LMT stock.