themarketzone

Bullish Triangle or trend line breakdown?

NYSE:HD   HOME DEPOT INC (THE)
Interesting setup in $HD after strong rally that the stock had in recent weeks.
We saw double top pattern at 93$ resistance zone and yesterday the stock broke below minor support level (now resistance) that held it for almost a week.
As long as $HD below 92$ (the minor resistance) we may see the stock attempting to break below the uptrend line shown in the chart.
The other scenario is that we are looking at bullish Triangle here and a breakout above 93$ could lead this stock all the way up towards 100$.
If we look at volume , we see increase in volume on the down days - Bearish sign.
Monitor that trend line - Breakdown could lead to gap closure.

Price action - We see two reversal patterns in 93$ - PinBar and Outside Bar.
Read my newest article at the MarketZone website about Price Action:
http://www.themarketzone.net/#!what-is-price-action/c1a8r
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out