Home Depot - Pump to $327 incoming

NYSE:HD   Home Depot, Inc. (The)
🐂 Trade Idea: Long - HD

🔥 Account Risk: 1.00%

📈 Recommended Product: Knockout / Option

🔍 Entry: +/- 306.27

🐿 DCA: No

😫 Stop-Loss: 284.29 (or 294.65 for aggressive trade)

🎯 Take-Profit: 327.27 (50%)

🎯 Trail Rest: Yes

🚨🚨🚨 Important: Don’t forget to always wait for strong confirmation once possible entry zone is reached. Trade ideas don’t work all the time no matter how good they look. Do not get a victim of FOMO, there is always another trade idea waiting. 🚨🚨🚨

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Home Depot is in a larger uptrend since Oct. 2016 (yellow trend line) but consolidates sideways since Feb 2023 despite a take-off situation in the housing market - at least when it comes to permits. Home Depot is considered as a stock that should benefit from those situations.

Technically we can see that the bottom support of the current consolidation zone (big green box) was breached only one time immediately retracing in the consolidation box with high volume. This indicates a stronger support there. Since beginning of June we now entered into a much smaller consolidation box (little green box) on the upper right corner of the bigger zone. Those multiple tests of the upper resistance and the share price remaining ever closer to resistance indicate an upward breakout.

If you’re a pre break-out trader you might want to jump in with a tight stop around 294. All others should wait for daily confirmation outside the box possible at 306.

Don’t forget earnings in August if you take the trade.

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