Lowe’s (LOW-N) soared from $60.00 in March 2020 (not shown) to $263.31 in December 2021 (A), slightly surpassed a one-third correction in 2022 (B) and then settled in a horizontal trading range between $175 and $237 (dashed lines). The stock had a breakout from this range earlier this year (C) but did not exceed the 2021 high. After a correction to the 40-week Moving Average (40wMA – D), Lowe’s rallied to a new all-time high to confirm a new uptrend (E).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status.
Lowe’s recently pulled back and found support at the average for a good entry-level. Only a sustained decline below $245-250 would be negative.
Point & Figure measurements provide targets of $300 and $330. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com