Don't Ignore This Chart

Lowes Holds Support and Forms Potential Reversal Pattern

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Lowes (LOW) successfully tested the 71 area twice in July-August and surged above short-term resistance this week. At the risk of jumping the pattern, the two semi circles show a double bottom taking shape and a break above the August high would confirm this bullish reversal pattern. Also notice that the stock gapped down on August 23rd and dipped below 71 during the day (red oval). The stock recovered that day and subsequently closed above 73. More importantly, the stock continued its recovery with a move above the gap high and a break above short-term resistance at 76. 

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. He has written articles for numerous financial publications including Barrons and Stocks & Commodities magazine. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed technician. In addition to his CMT designation, Arthur holds an MBA from the Cass Business School at City University in London. Learn More
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