HD fails to close above 50-day moving average


Home Depot (HD) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
HD tanks -0.9% closing $1.78 lower
HD breaks below 50-day moving average
HD fails to close above 50-day moving average
HD breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

HD ended the week 0.34% higher at 196.30 after tanking $1.78 (-0.9%) today. This is the biggest single day loss in over two weeks. Closing below Thursday's low at 198.04, the share confirms its breakout through the prior session's low having traded $2.40 below it intraday.

Daily chart for HD
Volatility

Friday's trading range was $2.29 (1.16%), that's slightly above last trading month's daily average range of $2.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 195.11. After spiking up to 197.93 during the day, the stock found resistance at the 50-day moving average at 197.48.

Trend

While the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. Home Depot broke below the 50-day moving average at 197.48 today for the first time since August 2nd.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 195.11 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Home Depot
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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