Home Depot Inc (HD) Down 0.3%; Pin Bar Pattern Appearing on Chart

Home Depot Inc 4 Hour Price Update

Updated June 26, 2020 04:33 PM GMT (12:33 PM EST)

In the past four hours of today’s trading session, HD’s price is down $-1.14 (-0.47%). For context, Home Depot Inc’s peers in the in the Retail industry are down -0.86% on average in this time, while the broader Consumer Cyclical sector is down by an average of -2.94%.

Home Depot Inc Daily Price Recap

Home Depot Inc came into today down 0.3% ($0.75) from the open of the day prior, marking the 2nd day in a row a decline has happened. This move happened on lower volume, as yesterday’s volume was down 24.13% from the day before — and down 44.5% from the same day the week before. The daily price chart of Home Depot Inc below illustrates.

Home Depot Inc Technical Analysis

Notably, Home Depot Inc is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to HD:

    CIBC: “As evidenced by the strong sales results and commentary from companies like $HD, $TSCO, Kingfisher or $W, the flood of spending on the home over the last three months-plus has been unprecedented.

    Indeed, the Mastercard Spending Pulse survey shows that home improvement (including decor and furniture) was not only the fastest-growing e-commerce category in April and May, but it also absorbed the greatest proportion of dollar-spend, taking $9B of the $53B of incremental e-commerce spend in those two months… Canada remains an e-commerce laggard overall, but the positive step-change enables the best-positioned players to gain scale and share. In our coverage universe, we view Aritzia and Canada Goose as beneficiaries in apparel, and $EMP.A.CA & $L.CA in grocery”

    Ro_Patel