Home Depot Inc (HD)

[ITMS]

Extreme Trade Alert: Home Depot $HD Poised To Move Here...

I am short Home Depot Inc (NYSE:HD) based on multiple indicators showing an extreme overbought condition. The fact that Home Depot Inc (NYSE:HD) has chopped sideways over the last few months, shows institutional selling as funds and small investors buy. This is a passing off of the hot potato before the fall.

Ultimately, when the trend line below breaks (seen in the chart below), Home Depot $HD will collapse quickly. The downside target I have near-term is $135.00. In addition, investors should be very concerned with the recent jobs data and lack of mortgage loans being taken out. This may show signs of a weakening economy. If that is the case, Home Depot $HD will see the brunt of the slowdown in sales and revenues.

Chart: http://www.inthemoneystocks.com/images/bryan/HD%2004.12.2017.PNG

Gareth Soloway
InTheMoneyStocks