Go to the Globe and Mail homepage

Jump to main navigationJump to main content

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.

More Related to this Story

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

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular