Tuesday, February 23, 2021 11:51 AM EST
This morning, leading home improvement retailer, Home Depot Inc (HD) reported earnings. The stock sold off sharply after the announcement falling below the important 200-day moving average. In fact, the stock traded down to the 50-week moving average around $257.58 level and has bounced from there. This is now the key support level to watch for Home Depot Inc (HD) shares. Any weekly chart close below this 50-week moving average will signal another decline for the stock.
The next major support level for Home Depot (HD) stock will be down around the $235.00 area. This key support area is where the stock pivoted from a sideways base in mid-June 2020. This support level is also where there is a major retrace level from the March 2020 lows to the August 2020 top. Often, important retrace levels will serve as excellent support when tested.
(Click on image to enlarge)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.
very informative