Home Depot Alert: Topping Tail

Shares of Home Depot (HD) may have put in a significant top as of yesterday. The daily chart formed a topping tail. Topping tails are bearish reversal signals. Home Depot has risen from below $250 to above $320 in just over a month. This epic run has seen the RSI move near 80, an extremely overbought level. The topping tail is the alert signal swing traders have been waiting for to short the stock. Based on a technical retrace, look for Home Depot to fall back to $293.75 in the coming month or two.

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