Home Depot & Lowes Finally Pause
The two leading home improvement retail stocks are finally retreating today. The Home Depot Inc (NYSE:HD) and Lowe's Companies Inc (NYSE:LOW) are trading slightly lower on the session after making new 52 week highs yesterday. Both of these stocks remain above the daily chart 50, and 200 moving averages which indicate a strong technical chart position. This small pullback should not be viewed as anything serious at this time.
Short term traders should watch for intra-day support on HD stock around the $51.27, $50.97, and $50.36 levels. The intra-day support levels for LOW stock is $31.90, $31.75, and $31.50. All of these levels could help these stocks have small intra-day bounces.