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

By Nick Russo

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 $189.70 and $191.28 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 share prices have moved between a 52-week high of $207.60 and a 52-week low of $144.25 and are now trading 32% above that low price at $191.09 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.3%.

There is potential upside of 10.4% for shares of Home Depot Inc based on a current price of $191.09 and an average consensus analyst price target of $210.98. The stock should discover initial support at its 50-day moving average (MA) of $181.48 and subsequent support at its 200-day MA of $176.69.

SmarTrend recommended that subscribers consider buying shares of Home Depot Inc on April 27th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $185.46. Since that recommendation, shares of Home Depot Inc have risen 3.2%. We continue to monitor HD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle home depot inc

Ticker(s): HD