Shares of Lowe’s Companies, Inc. (NYSE: LOW) made a big move lower after the company reported its quarterly earnings. But there’s a chance the stock will stage some kind of rally or rebound. It’s getting close to $179, and there may be support at this level.
This is because the level was resistance in October and March.
After the shares broke through $179 and traded higher, many of the investors who sold experienced sellers’ remorse. Many of these investors decided to buy their shares back, but only if they can get them for the same price they sold at.
As a result, they place their buy orders at $179. If there are enough of these orders, it will turn the level into support.
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