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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lowe'S Cos Inc (NYSE:LOW) based on the price action in the company's shares. Today's price range of $99.22 and $99.84 is within yesterday'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.

In the past 52 weeks, shares of Lowe'S Cos Inc have traded between a low of $77.14 and a high of $117.70 and are now at $99.74, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.13% lower and 0.5% lower over the past week, respectively.

Potential upside of 4.6% exists for Lowe'S Cos Inc, based on a current level of $99.74 and analysts' average consensus price target of $104.32. Lowe'S Cos Inc shares should encounter resistance at the 50-day moving average (MA) of $106.94 and support at its 200-day MA of $97.07.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Lowe'S Cos Inc on October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $109.75. Since that call, shares of Lowe'S Cos Inc have fallen 8.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle lowe's cos inc

Ticker(s): LOW