Bears Appeared on Lowe's
Published on Thursday, 26 July 2012 04:42 Written by TradersHuddle Wire
New York, July 26th (TradersHuddle.com) - Shares of Lowe's Companies, Inc. (NYSE:LOW) ended the trading session lower by $0.04 or -0.16% from its previous close. Lowe's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
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 current stock range is determined by calculated support defined at $25.11 and by the resistance level at $28.63, which should be used by traders planning their next move.
If traders want to establish a position in Lowe's, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Lowe's for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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