HD Starting the year strong with a bounce off support zone

Panjang

Home Depot, Inc. (The) (NYSE:HD)

NYSE:HD Home Depot, Inc. (The)

HD lagged the last few months, just like AMZN and ITB, but the overall chart still sports a bullish configuration. Stock hit new highs in August and is above rising 200-day. Decline from high retraced 1/2 to 2/3 and formed a falling wedge, both of which are typical for corrections within a bigger uptrend. Stock is finding support from the lows extending back to late September. Expect a breakout and continuation of bigger uptrend. Re-evaluate on close below 260.

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