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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. Yesterday's price range of $243.91 and $244.85 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.

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 13.5% above its average consensus analyst price target of $210.98. The stock should find initial support at its 50-day moving average (MA) of $226.24 and further support at its 200-day MA of $219.01.

In the past 52 weeks, shares of Home Depot Inc have traded between a low of $179.52 and a high of $245.20 and closed yesterday at $243.98, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Home Depot Inc on January 9th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $223.70. Since that recommendation, shares of Home Depot Inc have risen 9.5%. We continue to monitor HD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle home depot inc

Ticker(s): HD