Tag: Home Depot

Home Depot Inc. Stock Code HD.NYS

Outlook

Price broke and closed below the cloud in the previous trading session, changing the chart outlook to bearish. Price was trying to break above the cloud in the past two week but was unsuccessful, adding to the bearish sentiment. Lagging Span is just below the price of 26 days ago and is below the cloud, confirming the bearish trend. MACD has a bearish crossover and is hinting at a bearish price trend ahead. We think price is likely to move lower to the previous price support level at $265.65 in the next 2-3 weeks.

Strategy                  

$296.00              Sell

$266.00              Price Target

$313.00              Risk Management Stop

3 weeks              Trade Duration

Outlook
Price was unable to move above the cloud on Friday and instead formed a bearish Engulfing candlestick price pattern just below the cloud. The candlestick price pattern is a bearish sign and signal and is hinting of a price decline ahead. Inability to move above the cloud is another sign of a bearish trend. Conversion and Base lines had a bearish crossover hinting of a bearish price trend. Lagging Span is below price of 26 days ago and also below the cloud, confirming the bearish price trend. MACD remains bearish.

Strategy                  
$270.00              Sell
$258.00              Price Target
$276.00              Risk Management Stop
2 weeks              Trade Duration