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Possible Bearish Inside Day Candle Pattern Detected for Lowe'S Cos Inc (:LOW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lowe'S Cos Inc (:LOW) based on the price action in the company's shares. Yesterday's price range of $116.62 and $117.86 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Lowe'S Cos Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.

Over the past year, Lowe'S Cos Inc has traded in a range of $85.90 to $121.22 and closed yesterday at $117.18, 36% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

Lowe'S Cos Inc (:LOW) is currently priced 11.0% above its average consensus analyst price target of $104.32. The stock should discover initial support at its 50-day moving average (MA) of $112.78 and subsequent support at its 200-day MA of $107.02.

SmarTrend recommended that subscribers consider buying shares of Lowe'S Cos Inc on August 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $108.68. Since that recommendation, shares of Lowe'S Cos Inc have risen 8.5%. We continue to monitor LOW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle :low lowe's cos inc

Ticker(s): LOW