LOW surges, gaining $2.53 (2.41%) within a single day

Lowe's Companies Inc. (LOW) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team


LOW soars, gaining $2.53 (2.41%) within a single day
LOW breaks above 100-day moving average for the first time since May 21st
LOW rises to highest close since May 21st
LOW dominated by bulls lifting the market higher throughout the day
LOW closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, LOW finished the week 3.05% higher at 107.40 after surging $2.53 (2.41%) today, strongly outperforming the S&P 500 (0.46%). This is the biggest single-day gain in over three weeks. Today's close at 107.40 marks the highest recorded closing price since May 21st. The bulls were in full control today, moving the market higher throughout the whole session. 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 Jul 12, 2019):

Daily technical analysis candlestick chart for Lowe's Companies Inc. (LOW) as at Jul 12, 2019

Friday's trading range has been $2.40 (2.28%), that's far above the last trading month's daily average range of $1.78. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LOW.

One bullish candlestick pattern matches today's price action, the White Candle.

The stock managed to close above the 100-day moving average at 104.95 for the first time since May 21st. When this moving average was crossed above the last time on February 12th, LOW gained 2.00% on the following trading day.

Crossing above the upper Bollinger Band for the first time since July 5th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 101.70 or signal the beginning of a strong momentum breakout leading to even higher prices.

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Lowe's Companies. Out of 86 times, LOW closed higher 55.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 67.44% with an average market move of 1.48%.

Market Conditions for LOW as at Jul 12, 2019

Loading Market Conditions for LOW (Lowe's Companies Inc.)...
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