The other day we wrote about Home Depot (HD) so it just seems right to take a look at Lowe's (LOW) .
In the daily bar chart of LOW, below, we can see the rally in price over the past 12 months. There have been two pullbacks (read buying opportunities) to the rising 200-day moving average line.
The On-Balance-Volume (OBV) line is edging up from a six-month sideways pattern. The Moving Average Convergence Divergence (MACD) oscillator just turned higher for a new outright buy signal.
In the weekly Japanese candlestick chart of LOW, below, we see a positive picture. No reversal patterns. A rising 40-week line. There's a bullish OBV line and the MACD oscillator, too.
In this daily Point and Figure chart of LOW, below, we can see a price target of $271.
Bottom-line strategy: We were "on the fence" when we looked at LOW in August, but the story is clearly bullish now. Buy at current levels and risk to $205. The $271 area is our price objective now.
