Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>HD stock price chart shows channel breakdown in the last sessions.</a> </li> 
 <li> <span>2</span> <a>HD share price was trying to arrest the gains near the 50-day EMA.</a> </li> 
</ul> 
<p>Home Depot stock price broke down and faced selling pressure in the last few trading sessions. However, HD share price is trading close to the 50-day EMA, and buyers are trying to hold the mark and will likely retest the channel trendline soon. Furthermore, HD stock was trading in an uptrend and continued to extend the gains, but a panic selloff was witnessed in the last trading session. Moreover, aggressive short buildup activity was noted, suggesting that some big players were willing to break the bulls’ momentum and attempting a reversal toward $300 in the following sessions.&nbsp;</p> 
<p>HD stock failed to surpass the cluster of $340, facing rejection, resulting in sellers’ entry and retracement in the last few trading sessions. Moreover, the price action shows signs of a trend reversal. The rising parallel channel broke down and is close to the support mark of $320.</p> 
<p>At press time, HD share price is trading at $321.40 with an intraday drop of 2.50%, showing a reversal on the charts. Moreover, the trading volume increased by 4.38% to 7.118 Million, showing massive seller entry in the last session. However, HD stock has a market cap of $321.421 Billion. Additionally, analysts maintained a neutral rating with a yearly target price of $349.25, suggesting further volatility for the upcoming sessions.</p> 
<p>The Home Depot, Inc. engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products, and decor products. The firm operates through the following geographical segments: the U.S., Canada and Mexico. It offers home improvement installation services and tool and equipment rental.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-hd-stock-price-shows-breakdown-on-daily-chart-strong"><strong>HD Stock Price Shows Breakdown on Daily Chart</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/Syu1fkKQBbXAviFEiN9IWbOM22yIvnVjH6Njnl4_-_6XqzFI4bQ-oB0IstRZCQfJfluX_utndBFkAMVcNVe2aoIScHtDUDz5ufsnwXZkTkvNKfxW5fhXDnHiWfp5OYFI8T2izUOasA3gZSNoWKEz1_w" alt="Home Depot (NYSE: HD) Signals Reversal, Will HD Stock Hold $320?"> 
  <figcaption class="wp-element-caption">
    Source: HD Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily chart, <a href="https://www.thecoinrepublic.com/2023/07/20/home-depot-inc-nyse-hd-will-hd-stock-price-slip-now/" rel="noopener noreferrer nofollow">HD stock price</a> showed signs of trend reversal and slipped below the channel’s lower trendline, signalling a breakdown. In the last session, massive seller volume was witnessed, and HD stock price experienced a selloff. Moreover, the sellers made intense short buildups, suggesting follow-on selling action will continue and HD share may experience further selloff in the following sessions.&nbsp;</p> 
<p>However, HD stock price has multiple immediate support zones placed near the 200-day EMA, and in case of a selloff, HD stock has a demand zone of $310 from where a remarkable bounce can be anticipated.</p> 
<p>The RSI curve slipped below neutrality, showing a bearish divergence, forming a negative crossover on the charts.&nbsp;</p> 
<p>Similarly, the MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting a significant fall in the following sessions.</p> 
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3> 
<p>Home Depot stock (HD stock) price showed a channel breakdown and indicates trend reversal due to the selloff in the last trading session. Moreover, the price action signifies the bear strength and suggests further selling pressure can be anticipated, and HD stock may retest the demand zone of $300 in the following sessions.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p><strong>Support Levels</strong>: $310 and $300</p> 
<p><strong>Resistance Levels</strong>: $330 and $350</p> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.</p>

Home Depot (NYSE: HD) Signals Reversal, Will HD Stock Hold $320?

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