LOW climbs to highest close ever
Lowe's Companies Inc. (LOW) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
LOW finished the week 3.24% higher at 125.42 after gaining $0.65 (0.52%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 125.42 marks the highest recorded closing price ever. Trading up to $0.65 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on January 30th, LOW actually lost -2.91% on the following trading day. Closing above Thursday's high at 125.27, the stock confirmed its breakout through the prior session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (LOW as at Feb 14, 2020):
Friday's trading range has been $1.06 (0.85%), that's far below the last trading month's daily average range of $2.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for LOW.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Lowe's Companies. Out of 212 times, LOW closed higher 56.13% 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 62.26% with an average market move of 1.12%.