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La-Z-Boy Inc (LZB) Drops After Earnings, Here’s The Trade

Leading furniture maker, La-Z-Boy Inc (LZB), is coming under heavy selling pressure after reporting earnings. The stock is trading lower by 9.5% to $38.22 a share. The stock has now fallen below its important 200-day moving average. This puts the stock in a weak technical position on the charts and likely signals a further decline in the shares. 

The next major support level for La-Z-Boy Inc (LZB) stock will be around the $35.00 area. This key support level is where the stock has a key retrace level from the March 2020 lows to the May 2021 top. Often, key retrace levels will serve as excellent support when tested. This level is also where the stock was defended in February 2021 which led to a new all time high. Prior pivots are also solid support when tested. I will be watching La-Z-Boy Inc (LZB) stock around this support area for a long side play.  

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