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The Home Depot Inc., Murray Analysis

3/1/2023 3:27 PM

Shares of The Home Depot Inc., the world's largest home improvement company, have been correcting downwards for more than a month. During this time, the price reversed around 335.94 (Murray level [7/8]), broke into the negative part of the main Murray trading range and is now actively testing the reversal level of 296.88 (Murray level [2/8]). Consolidation below it will give the prospect of developing movement to the marks of 281.25 (Murray level [0/8]) and 273.44 (Murray level [-1/8]). The key for the "bulls" is the level of 312.50 (Murray level [4/8]) in the center of the Murray trading range and supported by the middle line of the Bollinger Bands, when it is broken out, growth may resume to the area of 328.12 (Murray level [6/8]), 343.75 (Murray level [8/8]).

Technical indicators confirm the continuation of the downward trend, which is signaled by a downward reversal of the Bollinger Bands and an increase in the MACD histogram in the negative zone. The upward reversal of the Stochastic does not exclude growth to the area of 304.69 (Murray level [3/8]), 312.50, but its potential is seen to be limited.

Resistance levels: 312.50, 328.12, 343.75. | Support levels: 296.88, 281.25. 273.44.

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