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Uptrend ExhaustionArchive
- 4/5/2024 -
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Home Depot (HD) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was the negative week for the Home Depot (HD). During the week, the HD dropped -25.73 points, or -6.71%, and closed at 357.87 on Friday, April 5, 2024. Weekly volume was 27% above average.
 Long-term trend: [See HD long-term trend chart]
A long-term downtrend had started on December 6, 2021 at 420.61 and reached 264.51 on June 22, 2022. HD lost 156.10 points, or 37.11%, in 28 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (277.39) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See HD medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 274.26 and reached 396.87 on March 21, 2024. HD gained -122.61 points, or -44.71%, in 20 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (383.36) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. HD may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See HD weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See HD short-term trend chart]
A short-term downtrend had started on March 21, 2024 at 396.87 and reached 356.02 on April 5, 2024. HD lost 40.85 points, or 10.29%, in 15 days. Price is near the trend low.
 Daily Technical Indicators: [See HD daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 27, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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