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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. Today's price range of $241.33 and $242.30 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 (NYSE:HD) defies analysts with a current price ($241.72) 12.7% above its average consensus price target of $210.98. Home Depot Inc shares have support at the 50-day moving average (MA) of $224.10 and additional support at the 200-day MA of $218.17.

Over the past year, Home Depot Inc has traded in a range of $179.52 to $242.45 and is now at $241.72, 35% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

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