It’s time to turn a profit as The Home Depot hits our price target


Home deposit (HD) has been examined on Oct 13, when I wrote that “I seriously doubt my small purchases will cause HD to spike, but someone bought it, and I recommend further HD purchases at current levels and above 345 $. Risk up to $ 325. $ 412 is our goal at this time. “

HD hit our price target of $ 412, so the question is, take the winnings and run? Let’s check the graphics again.

In this updated daily bar chart from HD, below, we can see that prices broke higher shortly after our recommendation. Prices rallied in late October, then consolidated those gains for a few weeks before another rally in December. HD is trading above the rising 50 day moving average line as well as the rising 200 day line. Training volume appears to have increased since mid-November.

The On-Balance-Volume (OBV) line shows a bullish rise as the Moving Average Convergence Divergence (MACD) oscillator has moved lower. The problem I have with HD rallying is that the base patterns or consolidation patterns have gotten shorter and shorter, telling us that there is less and less build (buy) before each rally. I don’t see it as healthy development.

In this HD Japanese weekly candlestick chart, below, we can see a recent upper shadow on a spinning top followed by a possible doji. I am on high alert for bearish confirmation after the doji.

The slope of the 40-week moving average line is always positive, as is the weekly OBV line. The MACD oscillator is bullish.

In this daily HD dots and numbers chart, below, we can see the rally and the software is now projecting the $ 590 area as a potential new price target.

In this weekly dot and digit chart from HD, below, we can see that our price target of $ 412 has not changed.

Result strategy: My local Home Depot store has been busy and the graphics are still pointing up – for now. Traders should be profiting now that our price target of $ 412 has been reached and a doji pattern has appeared on the weekly candle chart.

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