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

By David Diaz

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. Yesterday's price range of $129.32 and $130.80 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 6.1% for shares of Home Depot based on a current price of $129.92 and an average consensus analyst price target of $137.79. The stock should find resistance at its 50-day moving average (MA) of $131.75, as well as support at its 200-day MA of $124.66.

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.

Over the past year, Home Depot has traded in a range of $92.17 to $137.82 and closed yesterday at $129.92, 41% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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 am inside day candle Home Depot

Ticker(s): HD