LOW closes above its opening price after recovering from early selling pressure
Lowe's Companies Inc. (LOW) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
LOW finished the week 3.92% higher at 113.89 after gaining $1.14 (1.01%) today. Trading up to $1.10 lower after the open, Lowe's Cos. managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 113.70, the market confirms its breakout through the previous session's high having traded $0.53 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (LOW as at Sep 14, 2018):
Friday's trading range was $2.07 (1.83%), that's slightly above last trading month's daily average range of $1.81. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 112.01 and 114.54 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 114.54. After having been unable to move lower than 112.01 in the prior session, the stock found buyers again around the same price level today at 112.16.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 114.54 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 112.01 where further sell stops might get activated.