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HD stock price has been outperforming the market from the last few trading sessions. - 2
HD shares have entered the distribution phase and the sustainability issues persist. - 3
Home Depot Inc. (NYSE: HD) is the largest home improvement retailer in the United States.
HD stock price has gained more than 6% during its rally which initiated on July 7th and now HD shares may start slipping. Analysts from an esteemed financial firm confirm that HD share price may start slipping as it has entered the distribution phase over the daily chart. However, buyers need to come forward to save Home Depot shares from falling significantly over the charts.
Nevertheless, HD stock price may try to sustain at the distribution phase which may result in a mild consolidation phase. For the time being, investors in Home Depot Inc. need to wait for any directional change over the daily time frame chart. Home Depot share price needs to increase the accumulation rate of buyers in order to continue the surge over the charts.
HD stock price was at $319.48 and has gained 0.86% of its market capitalization during Wednesday’s trading session. However, trading volume was below average and needs to grow during Thursday’s trading session for HD shares to sustain in the distribution phase. However, low volume signifies that HD share price may start slipping from the upper level.
Will HD Stock Price Sustain or Get Detained?
Home Depot stock price has been trading with a strong upside trend over the daily time frame chart. However, analysts believe that HD stock price may start falling as it has entered a distribution phase. Meanwhile, HD share price has recovered above the 20, 50, 100 and 200-days daily moving averages.
Trading volume is below average and needs to grow during Thursday’s trading session. The low trading volume is another reason for HD shares to slip from the distribution phase.
Moreover, HD stock price has gained 1.00% in a week and 4.97% in a month. Also HD shares have increased 7.94% in the last three months and 3.05% in the last six months. In addition, Home Depot shares have surged 0.65% year to date.
Technical indicators suggest the upside trend of HD stock price. The relative strength index showcases the upward velocity of HD shares. RSI was at 64 and is heading towards the overbought territory.
MACD exhibits the uptrend momentum of HD shares. The MACD line is above the signal line after a positive crossover. Investors in Home Depot Inc. (NYSE: HD) need to wait for any directional change over the daily time frame chart.
Summary
HD stock price has gained more than 6% during its rally which initiated on July 7th and now HD shares may start slipping. Nevertheless, HD share price may try to sustain at the distribution phase which may result in a mild consolidation phase. However, analysts believe that HD shares may start falling as it has entered the distribution phase. Technical indicators signal an upside trend in HD shares.
Technical Levels
Support Levels: $315.00 and $312.45
Resistance Levels: $321.00 and $323.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/20/home-depot-inc-nyse-hd-will-hd-stock-price-slip-now/