Momentum Reversal? Home Depot’s Heads Down for the First Time in 4 Days

The Hourly View for Home Depot

  • At the time of this writing, HD’s price is down $-0.07 (-0.02%) from the hour prior.
  • Home Depot has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Home Depot. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 20 hour changed directions on HD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Home Depot’s hourly price chart is shown below.

HD

The Daily View for Home Depot

  • At the moment, HD’s price is down $-2.33 (-0.69%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Home Depot has now gone up 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Of note is that the 20 day changed directions on HD; it is now pointing down. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Home Depot.

HD

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