The Technical Take: Lowe's Lower After Q3 Miss, Lowered Guidance

Lowe's Companies, Inc. LOW shares are trading lower by $1.60 (2.5 percent) at $67.45 in Wednesday's session. The catalyst for the decline is a Q3 miss of $0.08 along with a slight miss for revenues. The company also slashed FY 2016 guidance from $4.00 to $3.52.

Following a lower open, it continued in that direction before bottoming at $65.12 and staging a huge rebound. That low comes in just ahead of its November 9 low ($64.87) and just below its November 1 low ($65.18).

The ensuing rebound came near Tuesday's closing ($69.05), only reaching $68.84 before retreating back into the $67 handle.