Asset Watch
Thursday, February 22, 2024
But is that a good thing for the bulls?
In December 2023, Home Depot broke out above its intraweek and closing highs set in May 2021, March and December 2022, and January and August 2023. After a successful retest in January 2024, the breakout was verified, and the stock has traded above the key level ever since. Therefore, the medium-term outlook remains constructive.
When Home Depot soared to a record high in mid-to-late 2021, the 20-week moving average was a major support level. The stock never closed below it, and intraweek dips were bought, making it a key momentum indicator that needs to hold for the stock to hit $400.
So, is boring Home Depot a new bull case, or is this the calm before the storm?