I am a strong believer of technical analysis , It simplifies the process of dicition making. Building a new long position in Home Depot Inc. :)
This is just for educational purpose. Trying to analysis some US top stocks. Enjoy Trading :)
formed ascending triangle cmp 330 target 350 sl 320. view is bullish
I was observing HD and after a period of consolidation the stock has broken out. The chart tells me that the stock is likely to reach 400 and above levels. It is very likely to reach $370. Traders looking for long opportunity can look at this stock. Study for my reference. Feedback welcome.
Here, we can see HD making a pretty neat bounce off of the .382 and at an important channel support level. Stop loss would be right around the 325 mark with targets of ~342.
Technically this setup won’t confirm until over 331.66 (check charts with pre/post-market data to see why), but I like the look here especially when you consider the weekly chart with it. Think it could see 338 quickly and after that ATHs within striking distance.