Home Depot Inc. (NYSE: HD) stock price attained momentum and is ready to surpass the resistance of $350. Moreover, HD stock has shown a reversal and gradually entered the bull trajectory, showing bullishness on the charts. Moreover, the price action shows bulls’ dominance, and the stock trades above the significant moving averages. Furthermore, the Q2 earnings also favor the bulls, resulting in a shifting of momentum.
In the past months, HD stock has made a double bottom pattern near $280, surpassing the neckline of $300. After that, momentum extends, and the price continues to make higher highs and persist in rising inside the parallel channel.
Moreover, the trend is intact and indicates a significant rise toward the immediate hurdle of $350, followed by $380. The primary hurdle of $340 must be surpassed to attain follow-on buying action in the following sessions. The price is near the 61.8% Fib level, which, if surpassed, leads to a fresh beginning of an uptrend. Moreover, HD stock is trading near the upper Bollinger band, showing bullishness on the charts.
At press time, HD stock price is trading at $333.08 with an intraday gain of 0.84%, showing bullishness on the charts. However, the trading volume remained average at 2.455 Million, and the market cap is $333.102 Billion. Moreover, Analysts maintained a buy and outperform rating with a yearly price target of $348.88, suggesting a growth outlook for the upcoming sessions.
Home Depot, Inc. engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products, and decor products. The firm operates through the following geographical segments: the U.S., Canada, and Mexico. It offers home improvement installation services and tool and equipment rental.
HD Stock Heading Toward $350 Gaining Traction On Daily Charts
On the daily charts, HD stock price shows a rounding bottom reversal pattern near the demand zone of $280 and continued to stretch the gains, showing buyers’ involvement for the past weeks. Moreover, HD’s share price attained traction and is ready to catch the primary hurdle of $350 in the following sessions.
The RSI curve stayed in the overbought zone and showed a positive crossover, indicating buyers’ dominance on the charts. Moreover, the price action suggests a follow-up buying action will continue, and the stock will enter the bull trajectory above $350 in the following sessions.
The MACD indicator showed a bullish crossover and started to form green bars on the histograms, suggesting a fresh initiation of buying and rally might continue toward the swings of $350, followed by $370 in the subsequent sessions.
Summary
Home Depot’s stock price shows bullishness and attained momentum on the charts, suggesting buyer dominance for the past sessions. Moreover, the price action favors the bulls and indicates that a follow-up buying action will continue, and the stock might reach $370 in the following sessions.
Technical Levels
Support Levels: $320 and $315
Resistance Levels: $350 and $370
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/02/home-depot-inc-nyse-hd-persists-in-rise-will-it-catch-350/