Shares of The Home Depot Inc., the largest home improvement company, are holding at 332.00.
On the daily chart, the price continues to correct, retreating from the support line of the ascending corridor with dynamic boundaries of 400.00–355.00.
On the four-hour chart, it is clear that the potential for continued decline remains quite high, and the recent price overcoming the 50.0% Fibonacci interim correction level at 335.50 confirms this. The next obstacle will be the 61.8% Fibonacci full correction level at 321.00, which is the current target for the downtrend. In the event of a reversal and breakdown of the 50.0% level at 335.50, the quotes may rise to the basic 38.2% Fibonacci correction to the area of 350.00 and above.
Technical indicators maintain a downward signal: the EMA fluctuation range on the Alligator indicator remains stable, and the AO histogram forms corrective bars in the negative zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 330.20, with the target at 321.00. Stop loss – 335.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 335.50, with the target at 350.00. Stop loss is around 330.00.
Hot
No comment on record. Start new comment.