THE HOME DEPOT INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 346.90 |
| Take Profit | 336.60 |
| Stop Loss | 350.00 |
| Key Levels | 336.60, 345.00, 346.90, 350.00, 351.00, 363.00, 368.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 354.30 |
| Take Profit | 368.00 |
| Stop Loss | 351.00 |
| Key Levels | 336.60, 345.00, 346.90, 350.00, 351.00, 363.00, 368.00 |
Shares of The Home Depot Inc., the largest home improvement company, are holding at 350.00.
On the daily chart, the price is correcting around the yearly highs at 363.00, falling slightly within the local range.
On the four-hour chart, the potential for continued decline is still present, confirmed by the quotes movement in the local channel 363.00–345.00. At the beginning of the week, the asset fell below the previous global trend high of 354.00, which increases the likelihood of a movement to the nearest extreme of 336.00.
Technical indicators support the likelihood of continued decline: the EMA fluctuation range on the Alligator indicator narrows and reverses downwards, and the AO histogram forms downward bars in the positive zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 346.90 with the target at 336.60. Stop loss – 350.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 354.30 with the target at 368.00. Stop loss is around 351.00.
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