Lowe's Companies: Expected Move Towards $200 Level
| May 18, 2022 04:47AM ET
Today’s instrument is Lowe’s Companies' (NYSE:LOW). When we look at the LOW‘s chart, we see its choppy trading action since the 12th of May rising and falling from the $188 to the $198 for most of the week.
During yesterday’s session, it opened with a gap up into the $203 area, however, the reaction was immediate, and a retraction followed dropping into the $188 level where it found temporary support and rebounded nicely towards the close. It was last found trading at the $193.93 range.
Lowe’s has scheduled a quarterly earnings announcement today. If both EPS and Revenue exceed expectations, then a move in the $212 direction can be expected.
Today we can expect a move at least towards the $200 level. If however, it doesn’t manage to hold on to the current level then a move below the $186 can be expected.
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