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The Home Depot Inc., Technical Analysis

3/2/2023 10:08 AM

The shares of The Home Depot Inc., the world's largest home improvement company, decrease within a corrective trend, trading at 290.00.

On the daily chart, there is a sideways trend with boundaries of 342.00–270.00, within which the price is moving toward the support line.

On the four-hour time interval, the downtrend has high prospects for continuation, as yesterday, the quotes renewed the local low of 292.00. To start the correction, the asset needs to work out the recent price gap of 315.00–306.00 but at the moment this looks unlikely.

Technical indicators reinforce the sell signal: the EMA fluctuation range on the Alligator indicator expands downwards, and the AO histogram is trading well below the transition level.

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