Home Depot Inc., H4

On the four-hour chart, shares of The Home Depot Inc., the largest home improvement company, are forming reversal candlestick analysis patterns Gravestone Doji and Bear Engulfing Pattern at the resistance level of 350.32, after which a price gap formed, and the asset fell to 333.95. At the moment, the price is holding at 342.13, trying to close the gap, after which the negative dynamics may continue to 333.95, after consolidation below which short positions, with the targets around ​​321.42–299.02, are relevant. In case of recovery of the quotes above the key resistance level of 350.32, the asset growth may reach ​​364.05–384.77.

Home Depot Inc., D1

A reversal Bear Engulfing Pattern formed on the daily chart at 350.32, after which the price dropped to the key support level of 333.95. A Bear Harami pattern formed near 342.13, emphasizing the weakness of the “bulls.” Most likely, the quotes will reach 333.95, and the breakdown will strengthen the negative dynamics around ​​321.42–299.02.

Support and resistance

Resistance levels: 350.32, 364.05, 384.77.

Support levels: 333.95, 321.42, 299.02.

Trading tips

Short positions may be opened below 333.95, with the targets at 321.42, and 299.02. Stop loss — 342.13. Implementation period: 7 days or more.

Long positions may be opened above 350.32, with the targets of 364.05, and 384.77. Stop loss — 342.13.