Home Depot at flaglike decission point - Will we tumble or jump?
Home Depot has declined slightly in the bullish trend. It is sitting in a flaglike pattern while Stochastics is coiled as well. Volumes are sinking and thus not giving much info. We have a candlestick reversal-pattern, signaling 116$+ level is potential first target if we break through channel possibly on the coiled Stochastics breaking up.
If we start to tumble however, levels we could see would be 101$ ish, 95$ or even 90$. For this to happen we would first need to take out the candlestick-signal low that we just put in. If this happens, the levels close to the gaps in the chart provides us with very strong supportlevel that could hold the price down in a strangle hold for some time.
I am not taking a position in this one. I just want to see how it all plays out. =)
Any ideas and feedback are much appreciated!
If we start to tumble however, levels we could see would be 101$ ish, 95$ or even 90$. For this to happen we would first need to take out the candlestick-signal low that we just put in. If this happens, the levels close to the gaps in the chart provides us with very strong supportlevel that could hold the price down in a strangle hold for some time.
I am not taking a position in this one. I just want to see how it all plays out. =)
Any ideas and feedback are much appreciated!