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May 21 Chart of the Day - Lowes

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

According to published reports, S&P 500 component Lowe's (LOW) reported better-than-expected first-quarter earnings and revenue early Tuesday but same-store sales decreased for the six consecutive quarter. Lowe's Q1 financials follow results from rival Home Depot (HD) last week. LOW stock fell Tuesday roughly 3% to the $222 area in early morning trading.

We last featured the Lowe's chart from a price action technical analysis perspective back on February 26, 2024 for the previous earnings release and saw that price had broken out and above a falling trend line.

Monthly Chart 

Lowes monthly price action technical analysis review


On the monthly chart we can see that price flirted with testing $263.31 all time highs (ATH) earlier this year but was rejected in a forceful manner.

Since then, price has been stair stepping back down a support/resistance ladder we've plotted on the monthly view.

Weekly Chart

Lowes weekly price action technical analysis review

 
On the weekly chart we can see with much more clarity the recent dance around ATHs.

Trading around $222 earlier today is price simply retesting the previous area on the chart from which it broke out from or is this the "real deal" for the bears with more downside coming?

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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