$HD$ Don’t be a CHEAPO, get some HOME DEPOT via /r/wallstreetbets #stocks #wallstreetbets #investing


$HD$ Don’t be a CHEAPO, get some HOME DEPOT

Hey guys, just a little bit more technical analysis I’ve been doing lately. Recently I’ve been looking at home Depot! First I’ll get into the stocks movement as of late.

https://www.tradingview.com/x/oDmTVvNi

Seen in the chart above, HD is approaching a long standing resistance which goes back to early 2022. It has been showing some strength recently forming higher lows in the past few weeks. It also had a strong trading session today as it stayed green as the market dropped. On the daily chart, the rsi is still near the oversold end of the spectrum and the macd on both the daily and 4hr timelines has cycles upwards implying strength. One final thing to note is that the stock successfully defended the 310 area in the past couple days and has since been moving upward. Now, a look at lumber prices recently.

https://www.tradingview.com/x/HI99vz64

Looking at the chart above, it can be seen that though lumber has been on the decline as of late, it bounced hard on uptrend support today. This bounce will hopefully continue with a broader bounce in commodities as the week goes on. With the increase in lumber prices, it is likely that companies like HD and LOWS will both benefit as they are both major dealers of lumber.

All things considered, if broader markers stay somewhat solvent, I believe that both home depot and Lowe’s stock with make for good investments in the coming weeks. HD looks a bit better technically and also has a better entry point as of now.

Thanks for listening!

Positions: HD 4/14 320c

Submitted March 15, 2022 at 03:14AM by davidb12899
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