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Rant & Rave Blog

Lower Highs Signal Further Downside For Home Depot Inc (NYSE:HD)

Posted by Nick Santiago Tuesday, August 29, 2017, 11:45AM ET

Read 696 times

Home Depot Inc (NYSE:HD) was one of the market leading stocks until May 16th when it peaked at $160.86 a share. Since that high pivot the stock has been making a series of lower highs on the daily chart. When a stock forms this type of pattern it will usually indicate lower prices ahead before a significant bottom is formed in the equity. At this time, HD stock price is trading below the important 50-day moving average which signals weakness in the near term. Traders should note that the next major support area on the chart for HD stock is around the $139.00 level. This is a level where the stock broke out in February 2017. Often, former break-out levels will serve as major support when retested.

 

 

 

Nick Santiago

www.inthemoneystocks.com

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