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The Home Depot Inc. Decline Towards the Support Level

2/15/2023 2:49 PM

The shares of The Home Depot Inc., the world's largest home improvement company, are on a corrective trend at 318.00.

Financial statistics will be published on February 21, Q4 2022, and analysts believe it may be poorer than the previous one. Thus, experts from the Bernstein Private Wealth Management agency said that they see a serious risk for the performance of the corporation since two months after the start of the reporting period, the traffic of goods decreased by 16.0%, and even if it recovered in the remaining time, the drop in the indicator could reach 14.0%, and then the volume of monetary transactions will decrease by 9.0–10%. Even if the average check in stores grows by the expected 7.0%, total revenue may decrease by 3.0%. The central forecast suggests it will be 36.0B dollars, down from 38.9B dollars previously, and earnings per share (EPS) of 3.28 dollars, well down from 4.24 dollars in the third quarter.

The company pays dividends stably, but its size of 1.9 dollars per share or 2.41% YoY seriously loses to the securities of competitors, where the figure already exceeds 3.0%.

On the daily chart, the trading instrument is correcting within the local sideways trend, declining toward the support line.

Technical indicators are ready to give a sell signal: fast EMAs on the Alligator indicator are close to the signal line, and the AO histogram is close to the transition level and is ready to break it.

Resistance levels: 330.00, 346.00. | Support levels: 310.00, 292.00.

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