Home Depot - time to build - 5% upside anyone?This one came in as a 60% probability of trade success and i see why.
Nothing is certain but here is the TA
Overview (HD 3H Chart)
Trend & Momentum:
Price is consolidating near 385, with recent lower highs suggesting a cautious bias. The 50/200 MAs hover above current levels (around 400–405), creating overhead resistance. Stoch RSI is in a lower region, hinting at a possible short-term bounce.
Key Levels:
• Immediate Support: 380–385
• First Resistance: 400–405
• Secondary Resistance: 417
Short-Term Trade (1–2 weeks)
• Bullish Setup: Buy on a break above 390, target 405. Stop ~385.
Success Probability: ~60% (assuming a bounce from current oversold conditions)
• Bearish Setup: Short on a close below 380, target 370. Stop ~385.
Success Probability: ~40%
Near-Term Outlook (2–4 weeks)
If price holds above 400, a push to 417 is plausible. Failure to reclaim 390 or a breakdown under 380 would likely extend downside pressure.
As always. This is not financial advice.
