Lowes Companies Inc. - (LOW) - March 26, 2021
Home improvement retailer Lowes Companies (LOW) has rebounded from a brief trip down into the red zone and returned to the Green Favored Zone of the SIA S&P 100 Index Report yesterday for the first time since October. The shares finished yesterday in 25th place, up 2 spots on the day and up 12 spots over the last month.
A major breakout is underway in Lowes Companies (LOW) shares this week. A six-month consolidation phase has ended with the shares overcoming resistance and blasting through the top of a $150.00-$180.00 sideways trading range to a new all-time high.
Initial upside resistance appears near the $200.00 round number, then $210.00 based on a measured move from the recent trading range. Initial support appears at the $180.00 breakout point followed by the 50-day average near $170.00.
Following the completion of an initial recovery rally back in September, Lowes Companies (LOW) spent several months trending sideways consolidating their gains. In recent weeks, their primary uptrend has resumed with the shares completing a bullish Double Top breakout to signal the start of a new upleg and adding to a trend of bullish patterns including two previous Triple Top breakouts.
Initial upside resistance appears near $200.00 where a round number and a horizontal count converge, followed by $220.45 based on a horizontal count and $229.35 based on a vertical count. Initial support appears near $170.40 based on a 3-box reversal.
With a perfect SMAX score of 10, LOW is exhibiting near-term strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.