Lowe's Companies: An Expected Move Towards The $222 Resistance Level
Today’s instrument is Lowe’s Companies Inc.‘s stock traded in the NYSE exchange under the ticker LOW.
When we look at the LOW‘s chart, we see it’s been trading in a downtrend since the 16th of February, falling steadily lower and lower as market conditions worsen. There was a bounce from the support level of $211 during yesterday’s session rallying up to the $226 range but unable to consolidate it retracted and erased all gains made intraday. It was last found trading at $215.08 above the support of $211 and the closest overhead resistance of $228.
Lowe’s Companies Inc. had scheduled a quarterly earnings announcement yesterday 23/02/2022. Earnings expectations were surpassed, with both EPS and Revenue estimations surpassed today could expect the price to move upwards, towards the $228 price range.
Today we can expect a move towards the $222 resistance level.
If however, it doesn’t manage to hold on to the current level then a move below the $211 support can be expected.
(Click on image to enlarge)
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