LOW climbs to highest close ever
Lowe's Companies Inc. (LOW) Technical Analysis Report for Aug 11, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, LOW finished Tuesday at 153.87 edging higher $0.15 (0.1%), outperforming the S&P 500 (-0.8%). Today's close at 153.87 marks the highest recorded closing price ever. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (LOW as at Aug 11, 2020):
Tuesday's trading range has been $2.54 (1.64%), that's slightly below the last trading month's daily average range of $2.61. 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 slightly lower than usual for LOW.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on July 31st, LOW actually gained 0.91% on the following trading day.
After having been unable to move lower than 153.02 in the previous session, the share found buyers again around the same price level today at 152.87.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Lowe's Companies. Out of 553 times, LOW closed higher 54.61% 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 62.57% with an average market move of 1.22%.