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Possible Bearish Inside Day Candle Pattern Detected for Home Depot Inc (NYSE:HD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Home Depot Inc (NYSE:HD) based on the price action in the company's shares. Today's price range of $177.04 and $179.70 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Home Depot Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products, and provide a number of services. Home Depot operates throughout the United States, Canada, China, and Mexico.

Home Depot Inc (NYSE:HD) has potential upside of 19.6% based on a current price of $177.45 and analysts' consensus price target of $212.26. Home Depot Inc shares have support at the 50-day moving average (MA) of $131.75 and additional support at the 200-day MA of $124.66.

Over the past year, Home Depot Inc has traded in a range of $119.20 to $207.60 and is now at $177.45, 49% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Home Depot Inc on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $187.33. Since that call, shares of Home Depot Inc have fallen 4.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle home depot inc

Ticker(s): HD