Tuesday, November 17, 2020 1:16 PM EDT
Image Source: HomeDepot.com
Shares of Home Depot Inc (HD) are falling today after the company reported great earnings and revenue numbers. Why is it falling? Because every smart investor is fully aware that once things open up, there will be a major slowdown for the retailer. In other words, the great earnings and revenue numbers were expected, but will not continue. Thus the stock is dropping over 3% on the day.
The Home Depot stock chart analysis has a major pattern formation that will trigger downside to $233.00. It is called a head and shoulder pattern and when the neckline is breached at $264.00, a fall will ensue that brings it to its target at $233.00. As things go, this Home Depot stock chart analysis is easy, the pattern is crystal clear. Investors should be ready for further downside, especially when the $264.00 support and neck-line is broken.
(Click on image to enlarge)
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so opening up will hurt HD?