| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 321.00 |
| Take Profit | 333.00 |
| Stop Loss | 315.00 |
| Key Levels | 299.00, 305.00, 316.00, 322.00, 330.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 310.00 |
| Take Profit | 299.00 |
| Stop Loss | 305.00 |
| Key Levels | 299.00, 305.00, 316.00, 322.00, 330.00 |
Shares of The Home Depot Inc., the world’s largest home improvement company, are trading within a corrective trend at 316.00.
On the daily chart, a local ascending channel is forming with dynamic boundaries 305.00–322.00, and the price is approaching its upper border.
The four-hour chart shows that after reaching the resistance level of 320.00, the quotes can strengthen the upward dynamics and renew one of the global highs of last year of 330.00. In the case of holding the resistance level, a reversal and a decrease to the mid-April levels of around 300.00 are expected.
Technical indicators keep a buy signal: the range of fluctuations of the EMA on the Alligator indicator expands upwards, and the AO histogram forms rising bars in the buying zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 321.00 with the target at 333.00. Stop loss — 315.00. Implementation period: 7 days or more.
Short positions may be opened after a reversal, reduction, and consolidation of the price below 310.00 with the target at 299.00. Stop loss — 305.00.
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