themarketzone
Short

May have more upside potential, but it could be limited

NYSE:HD   HOME DEPOT INC
$HD is showing strength in a consolidating market and making its third attempt to break the 118$ resistance zone.
Right now, 118$ is a strong resistance that may hold and send the stock back down to test the bottom of the rising channel you see in the chart.

If $HD breakout attempt will be successful and the price will close above 118$, it may rally towards its broken uptrend line, there the price will meet a very interesting sell zone that I intend to monitor closely towards earnings (coming in two weeks).

The zone 121-123$ is a potential sell zone with bearish Butterfly completion and Fib extensions confluence range.
The initial target zone for this bearish scenario is 118$ (current resistance that should become support in that scenario).
My secondary target, should the price close back below 117$, would be the daily 200 SMA line, near 110$

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Tomer J,
The Market Zone - You trading Edge
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