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When we look at the Home Depot (NYSE:HD) chart, we see it’s been stuck in a channel between $344 support level and $356 overhead resistance level since Feb. 15, without any notable moves.
It managed to climb from $350 to $356, but it didn’t consolidate, which led to the drop back down to the $348 range. It was last found trading at the $346 range.
Home Depot has scheduled a quarterly earnings announcement today. If earning expectations are surpassed, we could expect the price to move upwards, towards the $360 price range.
Today we can expect a move towards the $354 resistance level. If it doesn’t manage to hold on to the current level, then a move below the $344 support can be expected.
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