Home Depot (HD) Closes Prior Hour Up 0.36%; 3 Day Down Streak Ended, Price Base in Formation Over Past 14 Days, Pin Bar Pattern Appearing on Chart

The Hourly View for HD

Last Updated January 1, 2021, 23:8 GMT

At the moment, Home Depot’s price is down $-0.72 (-0.27%) from the hour prior. Home Depot has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Home Depot Inc Daily Price Recap

Home Depot Inc’s 3 day negative streak has officially concluded, as the candle from the previous day closed up 0.14% ($0.36). The price move occurred on volume that was up 1.61% from the day prior, but down 41.24% from the same day the week before. Below is a daily price chart of Home Depot Inc.


Home Depot Inc Technical Analysis

The first thing we should note is that the current price of Home Depot Inc is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard Around the Web

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

    $HD just started a position here and in $LOW and will add on further weakness. These are names I probably should have held for years, but better later than never, and I still like both the short and long term viability of these businesses.