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Market Insights

Bringing you the trading news around the world.

Chart of the Day: DIY Giant Tries to Break Out Before Key Data

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Home Depot could be attempting a breakout as investors await key industry data.

The main patterns on today’s chart are the falling trendline and the 50-day moving average. HD is attempting to push through both.

This is especially interesting because TradeStation data shows fewer than one-third of S&P 500 companies are above their 50-day MAs. The fact HD remains above it shows the stock has spent more time bottoming than the broader market.

Next …

For more, please click here to view the related idea and chart analysis on TradingView.

Home Depot (HD), daily chart with selected patterns and indicators, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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