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The Home Depot Inc., Technical Analysis

8/23/2022 10:30 AM

The shares of The Home Depot Inc., a US home improvement company, are held at 311.85.

On the daily chart of the asset, an upward correction continues, which develops within a narrow corridor with dynamic boundaries of 340.00–320.00.

The four-hour chart shows that after reaching the 38.2% Fibonacci basic correction at 325.10 and trying to consolidate above it, the price reversed and began to decline, which may indicate low buyer activity. Now the probability of reaching the initial correction level of 23.6% Fibonacci around 302.66 is estimated to be very high, but there may be another reversal and subsequent global growth.

Technical indicators keep a stable buy signal: the range of fluctuations of the EMA on the Alligator indicator is expanding upwards, and the histogram of the AO oscillator is forming new upward bars in the buying zone.

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