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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 $203.83 and $203.83 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 has overhead space with shares priced $203.83, or 3.4% below the average consensus analyst price target of $210.98. The stock should find initial support at its 50-day moving average (MA) of $189.17 and further support at its 200-day MA of $188.78.

In the past 52 weeks, shares of Home Depot Inc have traded between a low of $158.09 and a high of $215.43 and are now at $203.83, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 1.11% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Home Depot Inc and will alert subscribers who have HD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle home depot inc

Ticker(s): HD