I’m a longstanding “fan” of Home Depot (#HD)… and not just because it’s a favorite place to while away a Saturday afternoon.
As shown by the long term (quarterly) chart, HD is in a major up trend. Here at the top, it’s starting to look a bit like a Bull Flag. One might say that all of this bullish action is deserved after the stock spent almost the entire DECADE from 2000 to 2010 going down.
I profiled Home Depot [#HD] here in 2012 market recap video. At that time, the stock was trading around $53 and looked like a good candidate to stalk for a Buy.
It appears the stock is poised to move higher again.
To be clear, I’m not a fan of buying securities that are already extended… or at least appear to be. However, as a chartist, it’s not my job to question (or god forbid, try to predict) the possible length and strength of a move.
|52 Week High: $||$139.00|
|52 Week Low: $||$109.62|
|Change (relative prev day close)||-1.60|
|% Change (relative to yday close)||-1.18%|
|Current Price % 52wk Range||82.64%|
|Most Recent Open||$134.98|
|Most Recent High||$135.46|
|Most Recent Low||$133.78|
|Earnings/Share (Most recent)||$6.18|
|PE (Price Earnings Ratio)||21.68|
The monthly chart is showing one of my favorite patterns and is, by definition, long-term. As long as price can stay above the rising trendline, I say look for opportunities to buy.
The weekly shows a “fractal” of the monthly… and the quarterly for that matter…
The daily chart suggests a potential entry if price can push above the downtrend line shown here.
As always, follow your own mind and, above all else, mind your risk.