The Greedy Trader Weekly Analysis
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Daily RSI Divergence:Bearish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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Home Depot (HD) Technical Analysis

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Summary:
Weekly :Broken trend support lineLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtBroken trend resistance line
Daily :The price has risen above the Parabolic SARThe price is close to the moving average in the center of the Bollinger Bands
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It was the negative week for the Home Depot (HD). During the week, the HD gave back -0.12 points, or -0.03%, and closed at 373.23 on Friday, March 15, 2024. HD was trading at average weekly trading volume.

Long-term trend: [See HD long-term trend chart]
A long-term downtrend had started on December 6, 2021 at 420.61 and reached 264.51 on June 22, 2022. HD lost 156.10 points, or 37.11%, in 28 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (276.98) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See HD medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 274.26 and reached 385.10 on March 1, 2024. HD gained -110.84 points, or -40.41%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (395.99) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See HD weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See HD short-term trend chart]
A short-term downtrend had started on March 1, 2024 at 385.10 and reached 368.87 on March 11, 2024. HD lost 16.23 points, or 4.21%, in 10 days. The price is now at the 26.86% retracement level.

Daily Technical Indicators: [See HD daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 7, 2024. This is an indication that the short-term trend is down.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price is close to the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.09
Williams' Percentage Range (W%R) 35.90
Lane's Stochastic (%D-Slow) 37.20
Greed/Fear Indicator (GFI) 51.11
Moving Average Converg./Diverg. (MACD) 4.99
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.82
Williams' Percentage Range (W%R) 9.90
Strong Overbought
Lane's Stochastic (%D-Slow) 85.09
Overbought
Greed/Fear Indicator (GFI) 77.30
Moving Average Converg./Diverg. (MACD) 13.32
Trading Signals
Description Value Chart
Monthly Trendline Support 395.99
Monthly Trendline Resistance 389.95
Upper Bollinger Band 384.02
Weekly Stochastic Crossing 379.63
Daily Stochastic Crossing 374.74
20 Day Moving Average 374.09
Price 373.23
Parabolic System 369.06
50 Day Moving Average 362.97
Lower Bollinger Band 361.01
Sector and Industry
Description Name Rank
Sector Consumer Discretionary 7
Industry Home Improvement Retail 112
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 382.71
High Date 03/13/2024
Low 372.17
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 385.10
High Date 03/01/2024
Low 368.87
Low Date 03/11/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 389.95
Support 395.99
Low 274.26
Low Date 10/27/2023
High 385.10
High Date 03/01/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 264.51
Low Date 06/22/2022
High 385.10
High Date 03/01/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 257.62
Support 276.98
High 420.61
High Date 12/06/2021
Low 264.51
Low Date 06/22/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.