Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices
Lowe's workers collect shopping carts in the parking lot at the Lowe's Home Improvement Warehouse in Burbank, Calif. (FRED PROUSER/Reuters)
Lowe's workers collect shopping carts in the parking lot at the Lowe's Home Improvement Warehouse in Burbank, Calif. (FRED PROUSER/Reuters)

What the Charts Say

Bullish on Lowe's Add to ...

From the low of $13, Lowe’s Cos. Inc. rallied to $28.54 (A-B) and then settled in a large “W” formation during 2010-11 (dashed lines). The rise to $32.29 (C) produced an overbought condition, which was corrected recently by a return to its rising 40-week moving average (D) and to the neckline of the “W” pattern (dotted line). This pullback should provide an excellent entry point in view of higher targets. Only a decline below about $25 would be negative. Point & Figure measurements provide targets of $34 and $39. The “W” formation (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Report Typo/Error

Follow on Twitter: @RonsBriefs

 

More Related to this Story

Topics

Next story

loading

Trending

loading

Most popular videos »

More from The Globe and Mail

Most popular