That is what it appears like to us at this stage. Overbought on the daily, possibly a result of the ascending pennant (?A Wave) signaling a fair chance of a reversal now to the shown levels. The fact that this is another short idea should not be all surprising given the general pessimism on the markets right now.
We are not in the business of getting every...
Home Depot could be attempting a breakout as investors await key industry data.
The main patterns on today’s chart are the falling trendline and the 50-day simple moving average (SMA). HD is attempting to push through both.
This is especially interesting because TradeStation data shows fewer than one-third of S&P 500 companies are above their 50-day SMAs. The...
The Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products The company also offers installation services for flooring, cabinets and cabinet makeovers,...
We are at a cross road at the top of the channel. Normally it may suggest we will break through it, but in this case we got a negative daily stochastic suggesting we should see lower prices in the near term.
The strategy is therefore, SELL @ 285-288 and take profit @ 257 for now.
HD in an established downtrend, overbought on several charts on various indicators. We haven't even seen weakness in housing, job losses, consumer cutting back HD has a long way to fall. Bought 26 Jul 29th $285 puts will add every $1.00-$1.25 increase in stock price, first pit stop is $250 range
HD actively testing and failing from its attempt to overcome resistance above.
HD in past weeks has held steady at support below.
Support and Resistance channel structures have been adjusted for your review.
The daily chart it's trading below the cloud, stochastics overbought, Williams percentage% overbought, in a downtrend, below 50 dma, below MA Ribbon, at Fibonnaci retracement .786. It's difficult to go long anything and get sucked into these bear market rallies in-between dumps.
The gray bar on chart shows the resistance band, which was an earlier support. On the daily chart today there is a hammer candle above the 20sma while RSI is up to test 50. A higher trade tomorrow will be bullish, while a close back below the 20sma with RSI below 50 may lend to more downside.
On the 30m chart right now there is a possible mini double top. MA's...
Pending home sales were lower than expected. HD will go down further, perhaps below 280, on the next selloff. The yellow bar on chart shows 300-302 resistance. White dot shows how high RSI is, which usually indicates a short term reversal as well (since this is 30min chart).
Considering how far price is away from 10/20MA's, and with 30min extreme RSI, I am...
Do you feel it is time to pull back fish on HD?
Do you feel Bullish or Bearish about the market as a whole?
Are you buying dips or sitting out in cash?
Are you going Long or are you going Short on securities right now?
Are you tempted to buy the dip on your favorite stocks today? If you are, you may be a bull in a bear market.
But they always say in the long...
$HD C > 292.50 | P < 284.96
$LI C > 24.47 | P < 23.61
$NIO C > 16.89 | P < 15.79
Here're my levels that I'll be watching.
These are high risk 0DTEs! 🚨
Keep positions small and take profits quick.