Lowe’s Keeps Going Lower, Here’s The Major Support Level
This morning, leading home improvement retail stock, Lowe’s Companies (LOW), is coming under more selling pressure. The stock has been falling since reporting earnings on February 22, 2021. At that time, the stock was trading as high as $176.48 a share. Today, Lowe’s Companies (LOW) stock is trading around the $160.00 area. The stock has now fallen below its important 50-day moving average. This puts it in a weak technical position on the daily chart. The stock is still trading above its 200-day moving average, but this key moving average is now minor support. The recent weekly chart decline has erased 10 weeks of gains. This is a bearish indication in the near term.
The next major support level for Lowe’s Companies (LOW) stock will be around the $135.00 level. This is where there is a major retrace level from the March 2020 lows to the October 2020 highs. It is also where the stock broke out in early July 2020. Often, stocks will be defended when they retest prior breakout levels. This should be the case for Lowe’s (LOW) stock when it falls into this major support area.
(Click on image to enlarge)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Comments
