markbrsz
Long

Home Depot ($HD) Long Setup

NYSE:HD   HOME DEPOT INC (THE)
Price has been in a steady bull trend since 2011 and is evident across the monthly, weekly and daily time frames. Price has recently cleared yearly pivot resistance around $116 mark and after earnings gaped over the key $120 figure. The trend filter is green across all time frames confirming bull trend. The weekly and daily are both above the 200 moving average suggesting bias is bullish . This stock has been in consolidation for almost 6 months under the 2015 highs set back in late February and has broken out today after earnings . If $120 level holds I will look to take a starter position targeting $150 as we have only blue skies ahead. Remember the bigger the consolidation, the bigger the breakout
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