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The Home Depot Inc., Technical Analysis

12/19/2022 10:04 AM

Shares of The Home Depot Inc., the world's largest home improvement company, are on a corrective trend at 323.00.

On the daily chart, a global sideways trend is developing, within which the price failed to consolidate above the August high of 328.00 again and is trading below it.

The four-hour chart shows that the corrective range is a Double top reversal pattern, the implementation line of which coincides with the Fibonacci 38.2% base correction level at 319.00. The quotes have already tried to consolidate above it, but after reaching the intermediate correction level of 50.0% Fibonacci around 340.00, they retreated.

Technical indicators keep a full-fledged buy signal: the EMA fluctuation range on the Alligator indicator expands upwards, and the AO oscillator histogram forms multidirectional bars in the buy zone.

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