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- 1 Lowe’s Companies, Inc. stock closed at $232.51 while observing a gain of 0.88% during the last intraday trading session.
- 2 The year-to-date return of Lowe’s Companies, Inc. is 15.40% while the three-month return is 3.80%
- 3 Lowe’s Companies, Inc. ( NYSE: LOW) stock’s 52-week price range is around $170 – $237.
At press time, LOW stock price was $232.51 with an intraday minor gain of 0.88% trading above the major EMAs, showing positivity on the charts. Moreover, the intraday trading volume of LOW is 2.562 Million higher than the 10-day aggregate volume of 2.309 Million.
The executive vice president of stores of Lowe’s Companies, Inc., Joseph McFarland, in the last three months, sold its LOW shareholding in the specialty retail company. Joseph Mcfarland (Senior Key Executive) dumped nearly about 4500 shares, worth $1.0 Million. Moreover, the Vanguard Group, Inc. is the top shareholder and owns 9.09% of the company and owns $12.2 Billion worth of shares with a total count of 52,446,605 and Blackrock, Inc. is the second top shareholder and owns 7.18% of the company and owns 9.6 Billion worth of shares with a total count of 41,437,964.
The LOW stock has been on a strong upward trend since June 2022 even before the beginning of the current year 2023 after the announcement of the previous year’s Q1’ 22 financial results. The stock soared from the low of $170 and reached a yearly high and an all-time high of $237 by July 28, 2023.
Thereafter, the bulls faced a strong resistance near $237 which stopped the upward move and was also influenced by the release of the recent year Dividends on July 25th, This invited a profit booking in the market and Lowe’s stock price dropped to form support near $220 also the 23.60% Fibo level.
On August 8th, 2023, Lowe’s announced the second quarterly report and managed to beat the earnings and revenue per share estimates but reported earnings failed by 14 Million from the estimated.
The consensus expected the revenue to be $24.97 Billion but it turned out to be $24.956 Billion (reported revenue), a negative surprise of $14 Million.
Moreover, the LOW stock estimated EPS for Q2 ’23 was positive 4.47 but the reported EPS was positive 4.56 and gave a positive surprise of 2.04%. Moreover, the forecasted EPS for the next quarter is positive 3.13.
Technical Analysis of LOW Stock Price in 1-D Timeframe
The price action for LOW stock showed that during the bulls’ run the price ascended by making streaks of break of structures also higher highs and lows. Moreover, to ascend upwards, Fibonacci levels of 61.80%, 50.00%, and 38.20% helped the price to sustain and the price followed trendline support effectively and rose with momentum to $237.
Moreover, observing the charts, the resistance was high at $237 price dropped significantly and formed support around the Fibonacci 23.60% level around the price of $220, and from this level, the price rebounded and rose. There is a possibility for the LOW price to head toward the next resistance level of $235 and $246 and if boosted, it can even surpass the yearly ATL.
Conversely, if the price breaks below the $227 major support level, it might decline toward $221.
At the time of publishing, Lowe’s Companies Inc. (NYSE: LOW) is trading above the 20, and 50 EMA’s. RSI is around 62 in bullish territory. A bullish crossover is noticed in the MACD Oscillator.
Summary
The market structure and price action of Lowe’s Companies, Inc. were bearish earlier due to the sharp profit booking causing a hefty sell-off due to the dividends results. The LOW stock price has risen above $227 to regain bullish momentum and if sustains then might potentially shatter the annual high of $237. Technical parameters also support the rise and increase in bullish momentum. Lowe’s Companies Inc. (NYSE: LOW) stock prices are bullish on the 1-D time frame. Also, positive and buying sentiments are oriented by the traders and investors.
Technical Levels
- Support levels: The nearest support levels for the LOW stock price are $227 and $221.
- Resistance levels: The nearest resistance levels for Lowe’s stock price are $235 and $246.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
