Home Depot may rise to 439.00 - 444.00

Our pivot point stands at 408.

Our preference

As long as 408 is support look for 439.

Alternative scenario

The downside breakout of 408 would call for 398 and 393.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is above its 20 and 50 day moving average (respectively at 404.3305 and 380.5744).

Supports and resistances

450 **

444 *

439 **

433

415.58 (USD-last)

411

408 **

398 *

393 **

Number of asterisks represents the strength of support and resistance levels.