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The Home Depot Inc., Technical Analysis

11/3/2022 11:05 AM

The shares of The Home Depot Inc., a US home improvement company, are held at 288.00.

On the daily chart, the global downtrend continues, within which the price failed to overcome the annual minimum of 266.00, after which it reversed and forms a local growth, reaching the initial correction of 23.6% Fibonacci around 302.00.

The four-hour chart shows that the 302.00 correction level is the key resistance, and if it is broken, the next obstacle for the upward dynamics will be 324.00, which coincides with the Fibonacci 38.2% base correction level.

Technical indicators reversed and gave a full-fledged buy signal: the range of EMA fluctuations on the Alligator indicator is expanding upwards, and the histogram of the AO oscillator is forming rising bars in the buying zone.

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