| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 385.00 |
| Take Profit | 400.00 |
| Stop Loss | 380.00 |
| Key Levels | 354.00, 365.00, 370.00, 371.00, 378.00, 380.00, 400.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 371.00 |
| Take Profit | 354.00 |
| Stop Loss | 380.00 |
| Key Levels | 354.00, 365.00, 370.00, 371.00, 378.00, 380.00, 400.00 |
Shares of The Home Depot Inc., a major home improvement company, are trading in a correction at 378.00.
On the daily chart, the price is moving within a global ascending corridor with dynamic boundaries of 400.00–365.00.
On the four-hour chart, the potential for continued growth remains high, and the price reaching the support line of the global range and the local channel 385.00–370.00 signals a soon reversal. However, if it is overcome, the quotes will be able to reach 350.00.
Technical indicators maintain an upward signal: the EMA fluctuation range on the Alligator indicator remains stable, and the AO histogram forms corrective bars in the positive zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 385.00 with the target at 400.00. Stop loss – 380.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 371.00 with the target at 354.00. Stop loss – 380.00.
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