Chart Analysis: Sell Home Depot (HD) Here
By Tue, May 5, 2020
Shares of Home Depot (HD) continue to grind higher in a market that seems overly resilient as the economy remains mostly shutdown. As a technical trader, there is a strong sell Home Depot signal at $235.00. When analyzing the chart, investors must note that the $235.00 sell Home Depot signal is right at a major gap fill resistance point. In addition, take note of the up-move the stock has had in the last 2 months. After bottoming out in mid March at $140.00, Home Depot has surged back to nearly $230.00 as of today. That is a more than 50% move higher with almost no down moves of significance. Looking at the MACD and Stochastics, they are both showing signals of being near-term overbought as well.
Please note this is a swing trade short opportunity, only when Home Depot reaches $235.00. Swing trades are quick trades usually meaning the investor is in and out within days to weeks. The sell Home Depot signal is strong and looks well worth a trade.
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About the Author
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
