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The Home Depot Inc., Technical Analysis

1/26/2023 10:01 AM

The Home Depot Inc., America's largest home improvement company, is on a corrective trend at 317.00.

On the daily chart, the global sideways trend continues, within which the price once again failed to exit the local Triangle pattern with dynamically narrowing boundaries of 321.00–306.00.

On the four-hour chart, a corrective trend may continue for some time, but if the quotes consolidate above the resistance line at 326.60, the global growth will continue. The downward potential remains high: the development of negative dynamics will begin after the asset consolidates below the support line of the pattern around 307.00.

Technical indicators are in uncertainty after a downward correction: the EMA fluctuation range on the Alligator indicator is rather narrow, and the AO histogram is trading close to the transition level.

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