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Home Depot Looks Mighty Nice

Published 07/06/2016, 03:16 PM
Updated 07/09/2023, 06:31 AM

Home Depot (NYSE:HD) has a lot going for it as it breaks through multiple levels of resistance -- from both a short- and longer-term time frame.

First, you have a double bottom that has formed and confirmed over the past month. Next there's key support/resistance at $130, which has been an issue for the stock going back to last December. But now, it's trading above that level.

The stock chugged higher on Wednesday and did a great job of avoiding the Brexit drama. I can see myself trading this stock with a stop-loss of somewhere around Friday's lows, before it gets into the gap. Plenty of upside until HD reaches the $135s.

Home Depot

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