Solid News

The Home Depot Inc. Market Update

8/30/2022 3:30 PM

The stocks of The Home Depot Inc., the world's largest home improvement company, correct at 296.00.

Against a positive quarterly report, the quotes tried to consolidate in an uptrend but to no avail. The corporation achieved a 5.8% increase in like-for-like sales, boosting revenue to 43.79B dollars, an all-time high. Earnings per share were 5.05 dollars, beating the consensus estimate of 4.95 dollars. As company chairman Ted Decker commented on the performance, more than half of the US housing stock is made up of houses over 40 years old that need to be renewed, which will help The Home Depot Inc.'s financial performance in the future.

The next quarterly dividend payment is scheduled for September 15, when shareholders receive 1.9 dollars per share. The register will be closed after the end of trading tomorrow, and potential investors still have the opportunity to claim a yield of 2.56% per annum.

The trading instrument is being corrected within a global downtrend, and at the moment, the price is at the stage of implementing a local Flag pattern, which may provoke a further decline. Technical indicators are ready to reverse and issue a new sell signal: fast EMAs on the Alligator indicator actively approach the signal line, and the AO oscillator histogram forms downward bars below the transition level.

Resistance levels: 305.00, 327.00. | Support levels: 291.00, 266.00.

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