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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $151.16 and $152.95 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. Traders and investors interested in shares of Home Depot Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Over the past year, Home Depot Inc has traded in a range of $119.20 to $160.86 and closed yesterday at $152.25, 28% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Home Depot Inc has overhead space with shares priced $152.25, or 11.5% below the average consensus analyst price target of $172.13. Home Depot Inc shares have support at the 50-day moving average (MA) of $131.75 and additional support at the 200-day MA of $124.66.

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: bullish am inside day candle home depot inc

Ticker(s): HD