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


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.

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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.
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