Lowe's Cos. (LOW) has posted solid stock price gains so far this year. Can it continue? Let's check the charts and indicators of the home improvement retailer to find out.
In this daily bar chart of LOW, below, I can see that prices have rallied nicely since making lows in October/November. A fresh rally began in late March and now prices trade above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line has been steady for months but looks like it is strengthening since June. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of LOW, below, I can see that prices have been recovering from a downside correction in 2022. Prices now trade above the rising 40-week moving average line. The weekly OBV line has slowly followed prices higher. The MACD oscillator is bullish and the recent candles are not flashing warning signs.
In this daily Point and Figure chart of LOW, below, I can see a potential upside price target in the $239 area.
In this weekly Point and Figure chart of LOW, below, I can see a price target in the $256 area.
In this second weekly Point and Figure chart of LOW, below, I used a five-box reversal filter. Here the software suggests a price target in the $297 area. Not bad.
Bottom line strategy: Shoppers should put together a shopping list. Traders could go long LOW at current levels risking to $225. My upside price targets start at $239.
