Photo by Oxana Melis on Unsplash
Today’s instrument is the Home Depot Inc.‘s (HD) stock traded in the NYSE exchange under the ticker HD. When we look at the HD‘s chart, we see it’s been stuck in a channel between $344 support level and $356 overhead resistance level since the 15th of February, without any notable moves. It managed to climb from $350 to $356 but it didn’t consolidate, which led to the drop back down to the $348 range. It was last found trading at the $346 range.
Home Depot Inc. had scheduled a quarterly earnings announcement today 22/02/2022. If earning expectations are surpassed, we could expect the price to move upwards, towards the $360 price range.
Today we can expect a move towards the $354 resistance level.
If however, it doesn’t manage to hold on to the current level then a move below the $344 support can be expected.
(Click on image to enlarge)
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