Chart of the Day: DIY Giant Tries to Break Out Before Key Data

36

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 moving average. 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 MAs. The fact HD remains above it shows the stock has spent more time bottoming than the broader market.

Next …

For more, please click here to view the related idea and chart analysis on TradingView.

Home Depot (HD), daily chart with selected patterns and indicators, courtesy of TradingView.
Advertisement Trading Platforms and Tools