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

By David Diaz

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. Yesterday's price range of $175.77 and $179.70 is within the prior day'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.

In the past 52 weeks, shares of Home Depot Inc have traded between a low of $119.20 and a high of $207.60 and closed yesterday at $177.08, which is 49% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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.

There is potential upside of 19.9% for shares of Home Depot Inc based on a current price of $177.08 and an average consensus analyst price target of $212.26. The stock should find initial support at its 50-day moving average (MA) of $131.75 and further support at its 200-day MA of $124.66.

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 am inside day candle home depot inc

Ticker(s): HD