Bulls in Charge of Lowe's
Published on Monday, 09 July 2012 04:09 Written by TradersHuddle Wire
New York, July 9th (TradersHuddle.com) - Shares of Lowe's Companies, Inc. (NYSE:LOW) ended the trading session higher by $0.1 or 0.36% from its previous close. Lowe's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Lowe's Companies, Inc.(NYSE:LOW) is the second largest home improvement retailer in the U.S. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.
Lowe's recent stock range was formed by a trough where calculated support was defined at $26.78 and by a peak that established the resistance level at $28.63. This range could be used by traders managing their positions.
Traders wanting to establish a position in Lowe's or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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