MoeGH88

HD - Testing Strategic Resistance

NYSE:HD   Home Depot, Inc. (The)
Hello Traders !

First of all, this is not a professional analysis nor an advice of any kind. I’m only sharing my thoughts.

This week, Home Depot is testing a strategic resistance level , represented by the yellow trendline, at around $314.90. This trendline hasn’t been broken since Sept ’18.

If HD successfully closed above the trendline, then we will have to wait for the confirmation in the next week candle as it has to open and close above the trendline, then HD is bullish again.
Otherwise, it might try to visit 38.2% Fibonacci retracement level at around $288, which happened to previously work as a resistance level in Aug and Oct of 2020, let’s see if it will act as a support as well.

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Happy trading!