Home Depot - Slowly trending higher
A glance at the weekly chart and one thing is obvious. When HD starts trending, it usually lasts for a long time. As highlighted on the daily chart, there is a very long consolidation that took place in 2014. This should provide thrust for further gains.
On the daily chart, the Force Index is oversold, and we have a corrective double bottom which, for a stock that moves slowly like HD, is a perfect entry signal. The impulse is still red, but on Friday we have a bullish engulfing candle. Price will probably gap higher on the open, turning the impulse from red to blue.
On the daily chart, the Force Index is oversold, and we have a corrective double bottom which, for a stock that moves slowly like HD, is a perfect entry signal. The impulse is still red, but on Friday we have a bullish engulfing candle. Price will probably gap higher on the open, turning the impulse from red to blue.
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