Technical Pulse: Home Depot Inc. August 23, 2022 208
Home Depot Inc (NYSE: HD) A retest of the immediate support at 303.00-318.00 is possible before price edges higher as:
- The neckline breakout of an inverted head and shoulder formation at 310.60 is pointing towards a bullish upside.
- The ichimoku crossover of the conversion line over the base line also provides a bullish signal.
- Price could reach resistance zone 1 at 338.00-350.00 before heading towards resistance zone 2 at 365.00-375.00 thereafter.
*Expected timeline of the trade is 25 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
Blue line = Coversion line
Red line = Base line
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Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).