Home Depot double bottom! signs of reversal today! via /r/wallstreetbets #stocks #wallstreetbets #investing


Home Depot double bottom! signs of reversal today!

Hi everyone, just a quick post about home depot again. I’ve been following it a lot recently because it’s been selling off more than expected. Seen in the chart below, it seems to have double bottomed today on good volume.

https://www.tradingview.com/x/UXbhx4f9

In addition to the double bottom, the macd on multiple time frames is cycling back to being bullish (the 2 hr chart is shown). Finally, the rsi is close to being oversold on the hourly chart leaving plenty of room for the stock to run. Overall, I believe this is a solid area for entry and I am hoping to see the stock run towards the 330 area before it stutters. Of course, I can’t predict what will happen with the broader market and geopolitical events so keep in mind anything can change. I wish all the best in their trades this week!

Positions: HD 5/20 315C

Submitted March 29, 2022 at 04:09AM by davidb12899
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