THE HOME DEPOT INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 345.00 |
| Take Profit | 325.00 |
| Stop Loss | 355.00 |
| Key Levels | 325.00, 333.00, 345.00, 350.00, 355.00, 375.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 355.00 |
| Take Profit | 375.00 |
| Stop Loss | 345.00 |
| Key Levels | 325.00, 333.00, 345.00, 350.00, 355.00, 375.00 |
The shares of The Home Depot Inc., the largest home improvement company, are holding at 350.00.
On the daily chart, the price is correcting within the ascending channel with dynamic boundaries of 375.00–345.00.
On the four-hour chart, the potential for further decline remains high, as the current range can work as a Flag pattern and lead to reaching the annual low of 325.00. It is possible after the asset consolidates below the low of June 28 at 333.00.
Technical indicators have weakened the buy signal: the EMA fluctuation range on the Alligator indicator is narrowing downwards, and the AO histogram is forming downward bars in the positive zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 345.00, with the target at 325.00. Stop loss is 355.00. Implementation period: 7 days or more.
Long positions may be opened after the price grows and consolidates above 355.00, with the target at 375.00. Stop loss is 345.00.
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