Hi stock traders! Here’s an update of my technical analysis on the largest home improvement retailer in the United States, The Home Depot, Inc. or HD in the New York Stock Exchange (kindly check here for the previous post). Right now in the HD stock chart, there is a reverse flag formation (indicated by the red lines) setting up and the stocks could breakdown from the flag’s support anytime soon. If it does, the immediate support could be $26.62. If the stocks drop further below $26.62 price mark, the next support it could encounter is $24.47. In case the stocks change its course and start to ascend, it needs to first break out from the 4-month downtrend. Once it does, the $29.00-30.00 could be the next resistance area. Its direction in the coming days will now rely on where the US market’s performance.
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