HOME DEPOT Buy opportunity on the 1D MA200.Home Depot (HD) gave us last time (October 09 2023, see chart below) an excellent buy opportunity that quickly hit our 326.50 Target:
The Bullish momentum was so strong that it broke above the Triangle pattern and gave way to the emergence of a Channel Up. The recent 30 day correction since the March 21 High, can be technically seen as the new Bearish Leg of the Channel Up.
With the 1D MACD about to make a Bullish Cross, which has historically been an early buy signal for HD, we have the best buy opportunity at hand since October 27 2023, even though the downside can easily extend as low as 322.00 (-18.80% from the top).
This is good enough for us to buy and target initially the 1.236 Fibonacci extension at $415.00.
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Retailtrade
7/17/22 TJXTJX Companies, Inc. (The) ( NYSE:TJX )
Sector: Retail Trade (Apparel/Footwear Retail)
Market Capitalization: $70.954B
Current Price: $60.56
Breakout price: $63.00
Buy Zone (Top/Bottom Range): $59.80-$55.50
Price Target: $64.50-$65.40 (1st), $84.40-$85.20 (2nd)
Estimated Duration to Target: 39-42d (1st), 194-209d (2nd)
Contract of Interest: $TJX 8/19/22 62.5c, $TJX 1/20/23 62.5c, $4.80/contract
Trade price as of publish date: $1.66/contract, $4.80/contract
7/10/22 DLTRDollar Tree, Inc.( NASDAQ:DLTR )
Sector: Retail Trade (Discount Stores)
Market Capitalization: $37.582B
Current Price: $167.36
Breakout price: $174.25
Buy Zone (Top/Bottom Range): $160.30-$130.35
Price Target: $207.00-$209.80
Estimated Duration to Target: 359-370d
Contract of Interest: $DLTR 1/20/23 175c
Trade price as of publish date: $16.40/contract
5/25/22 ANAuto Nation ( NYSE:AN )
Sector: Retail Trade (Specialty Stores)
Market Capitalization: $6.427B
Current Price: $114.84
Breakout price: $118.10
Buy Zone (Top/Bottom Range): $109.60-$96.90
Price Target: $142.80-$144.00
Estimated Duration to Target: 399-407d
Contract of Interest: $AN 1/20/23 110cc
Trade price as of publish date: $20.10/contract
5/25/22 ORLYOReilly Automotive ( NASDAQ:ORLY )
Sector: Retail Trade (Specialty Stores)
Market Capitalization: $39.973B
Current Price: $615.79
Breakout price: $621.50
Buy Zone (Top/Bottom Range): $609.20-$564.80
Price Target: $782.00-$788.00
Estimated Duration to Target: 406-418d
Contract of Interest: $ORLY 11/18/22 630c
Trade price as of publish date: $49.95/contract
5/4/22 HDHome Depot, Inc. (The) ( NASDAQ:MSFT )
Sector: Retail Trade (Home Improvement Chains)
Market Capitalization: $325.831B
Current Price: $315.31
Breakout price: $319.40
Buy Zone (Top/Bottom Range): $313.75-$299.15
Price Target: $337.20-$340.60 (1st), $367.50-$372.80 (2nd)
Estimated Duration to Target: 42-44d (1st), 99-106d (2nd)
Contract of Interest: $HD 6/17/22 330c, $HD 7/15/22 340c
Trade price as of publish date: $7.06/contract, $6.60/contract
Get in the Zone: the Lotto ZoneIf any of you are up for a gamble, this is a good play for a short position / long puts. AZO has had a monster rally and is starting to wind back to some pre-pandemic support levels I believe. Now this is a good company, but the stock will get caught up in a mess of short-term declines in the Retail Trade sector and this one has far to fall and a well-defined area of support to work off of.
Some solid indicators are saying this is well over-bought and flashing the sell signal. This means we may have reached the peak of it's new consolidation area and will begin grinding down to find the bottom. Thankfully we have a triple-top to tell us where that bottom will ultimately be. Options are expensive for shares this pricey, and bid-ask spread is huge, so maybe just an old-fashioned short is your ticket.