Trading A Falling Lowe’s
InTheMoneyStocks.com | May 28, 2019 01:10PM ET
Home-improvement giant Lowe’s Companies (NYSE:LOW) operates approximately 2,370 stores in the United States, Canada and Mexico. Recently, the stock plunged sharply after reporting earnings that disappointed the street. Traders and investors should note that the stock actually topped out on April 17, 2019 at $118.23 a share. Today it's trading lower at $93.21 a share. The stock is now moving below its important 200-day moving average, which puts it in a weak technical position. In the near term, the LOW could have some short-term support around $90.h3 Longer Term/h3
Unfortunately, the bigger time frame charts are suggesting lower prices are still in the cards for LOW stock. The next major support level for the stock will likely be around the $75.00 level. This important support area is where the stock was defended back in September 2017 and it will likely be defended again at that level when retested.
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