I am not licensed or certified by any individual or institution to give financial advice. I am not a professional Stock trader.
I am calling Home Depot (HD) Bullish. I know this chart may seem cluttered, but there are several bullish indicators I see so please bear with me....or bull with me...or...never mind. Anyway, let's first look at the solid purple line. That is an Up Trending Support line. I have marked different places with green arrows and numbered them. If you look at green arrows number one and two along the purple Support line, and then find their corresponding numbered arrows above (look more toward the middle of the chart) there is a fifteen dollar ish ($15 ish) increase when it bounces off the purple support. Using that as a historic standard I have also drawn green arrow #3 at a bounce off purple support and a possible target for future Resistance, and drawn a purple dotted line to give a better target visual. However, it will need to clear the Resistance from January 26 & 29, 2018 (orange dotted line) to make it to that target.
That is the up trend. The Cup and Handle is another possibility showing bullish movement. The blue dotted line is the most recent edge of the Handle/Resistance (from June 12 & 13, 2018) which HD cleared today (07-19-18); or at least it has as of this publishing. Hopefully it doesn't disappoint. :) The orange solid line shows a previous Handle/Resistance which it cleared and continued up.
Other bullish signs can be called a possible Flag or Stair Stepping movement. That is just because it goes up, and then drops to Support, and then climbs again. The S&P 500 is still in a bullish recovery. See my previously published analysis on that for a visual example.
Any questions or further insight, let me know.
I am calling Home Depot (HD) Bullish. I know this chart may seem cluttered, but there are several bullish indicators I see so please bear with me....or bull with me...or...never mind. Anyway, let's first look at the solid purple line. That is an Up Trending Support line. I have marked different places with green arrows and numbered them. If you look at green arrows number one and two along the purple Support line, and then find their corresponding numbered arrows above (look more toward the middle of the chart) there is a fifteen dollar ish ($15 ish) increase when it bounces off the purple support. Using that as a historic standard I have also drawn green arrow #3 at a bounce off purple support and a possible target for future Resistance, and drawn a purple dotted line to give a better target visual. However, it will need to clear the Resistance from January 26 & 29, 2018 (orange dotted line) to make it to that target.
That is the up trend. The Cup and Handle is another possibility showing bullish movement. The blue dotted line is the most recent edge of the Handle/Resistance (from June 12 & 13, 2018) which HD cleared today (07-19-18); or at least it has as of this publishing. Hopefully it doesn't disappoint. :) The orange solid line shows a previous Handle/Resistance which it cleared and continued up.
Other bullish signs can be called a possible Flag or Stair Stepping movement. That is just because it goes up, and then drops to Support, and then climbs again. The S&P 500 is still in a bullish recovery. See my previously published analysis on that for a visual example.
Any questions or further insight, let me know.
