Current trend

The stocks of Home Depot Inc., the largest home improvement company, are growing within a long-term upward trend. The price consolidated above the reversal level of 406.25 (Murrey level [6/8]) and may reach the upper limit of the Murrey trading range of 437.50 (Murrey level [8/8]) and the reversal zone of 453.12 (Murrey level [ 1/8]) and 468.75 (Murrey level [ 2/8]). In case of a breakdown of 390.62 (Murrey level [3/8]), a decline within the central Murrey channel to the area of ​​375.00 (Murrey level [4/8]) and 359.38 (Murrey level [3/8]) may follow.

Technical indicators confirm the continuation of the upward trend: Bollinger bands are directed upward, and the MACD histogram is stable in the positive zone. Stochastic is leaving the overbought zone, which does not exclude a limited correction.

Support and resistance

Resistance levels: 437.50, 453.12, 468.75.

Support levels: 390.62, 375.00, 359.38.

Trading tips

Long positions may be opened from 414.90, with the targets of 437.50, 453.12, 468.75, and stop loss 402.00. Implementation period: 5–7 days.

Short positions may be opened below 390.62, with the targets of 375.00, 359.38, and stop loss of 401.20.