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The Home Depot Inc., Murrey Analysis

11/29/2022 2:36 PM

Shares of The Home Depot Inc., the world's largest home improvement company, have continued to rise since the middle of last month. During this time, the price reversed at 265.62 ([1/8]), moved into the positive zone of Murrey's trading range, tested the upper limit of the central channel 328.12 ([5/8]) but cannot break above it yet. The level of 328.12 seems to be quite strong since it was already unsuccessfully tested several months ago, and consolidation above it will give the prospect of continuing the growth trading instrument to 343.75 ([6/8]) and 359.38 ([7/8]). The key "bearish" level is the middle line of Bollinger bands around ​​305.50, after its breakdown, the quotes will return to the negative part of the Murrey trading range and will be able to drop to 281.25 ([2/8]), 265.62 ([1/8]).

Technical indicators confirm the continuation of the upward trend: Bollinger bands are directed upwards, MACD is increasing in the positive zone, and Stochastic is leaving the overbought zone, which does not exclude a corrective decline but its potential is seen as insignificant.

Resistance levels: 328.12, 343.75, 359.38. | Support levels: 305.50, 281.25, 265.62.

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