Stock Chart Analysis HD

Posted by downtowntrader | 4/21/2008 09:27:00 PM | 0 comments »

Stock Chart Analysis HD

The Home Depot, Inc. (Public, NYSE:HD)

While HD has been in a downtrend for years, there seems to be some bullish behavior building in the stock. While it technically below the most recent long term base (looking at the weekly charts), it looks like it has formed a solid base on the daily charts and that it may attempt a run at the previous breakdown area. This would carry HD into the $32-34 area. The measured move of a breakout from the triangle base would carry to $35 which may be pushing it near term, but would yield a respectable trade.

Good Trading,


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