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

By James Quinn

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 $218.86 and $220.19 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.

Home Depot Inc share prices have moved between a 52-week high of $222.66 and a 52-week low of $158.09 and are now trading 39% above that low price at $219.92 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.4%.

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) is currently priced 4.1% above its average consensus analyst price target of $210.98. The stock should find initial support at its 50-day moving average (MA) of $211.03 and further support at its 200-day MA of $192.19.

SmarTrend is monitoring the recent change of momentum in Home Depot Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Home Depot Inc in search of a potential trend change.

Keywords: bearish inside day candle home depot inc

Ticker(s): HD