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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Home Depot (NYSE:HD) based on the price action in the company's shares. Today's price range of $129.32 and $130.48 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. Traders and investors interested in shares of Home Depot may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Home Depot share prices have been bracketed by a low of $92.17 and a high of $137.82 and are now at $130.47, 42% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.3%.

The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company's sell a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

Home Depot has overhead space with shares priced $130.47, or 5.3% below the average consensus analyst price target of $137.79. The stock should hit resistance at its 50-day moving average (MA) of $131.75, as well as support at its 200-day MA of $124.66.

SmarTrend recommended that subscribers consider buying shares of Home Depot on February 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $125.27. Since that recommendation, shares of Home Depot have risen 3.1%. We continue to monitor HD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Home Depot

Ticker(s): HD