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The Home Depot Inc., Technical Analysis

9/12/2022 12:06 PM

Shares of The Home Depot Inc., a US home improvement company, correct within an uptrend, holding in the 300.00 area.

On the daily chart, the correction is developing within a wide corridor with dynamic boundaries of 350.00–290.00.

On the four-hour chart, after reaching the support line, the quotes reversed upwards, breaking the initial correction level of 23.6% Fibonacci around 298.00. Holding the trading instrument above it is a key factor for the continuation of the upward trend, the target of which is the Fibonacci 61.8% retracement level at 315.00.

Technical indicators are weakening the sell signal: the Alligator indicator's EMA oscillation range narrows actively, and the histogram of the AO oscillator, trading in the sell zone, forms new rising bars.

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