HOME DEPOT Buy opportunity on the 1D MA200.

24 kwi

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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