We have seen many negative news reports on the economy, however the Home Depot stock (NYSE: HD) appears to be weathering the storm well. Just last week Jim Cramer’s Mad Money Lightning Round appeared to give a thumbs up to Home Depot. In shares of The Home Depot there is a correctional decrease of 2.2% from a 52-week high of November 4. Over a three months, the emitter’s quotes added 12% in value. The Home Depot announced the publication of financial results for Q4 of fiscal 2019 on November 19. The Wall Street predicts a slight increase in earnings per share by 0.4% (YoY) to USD 2.52 with revenue growth of 4.5% (YoY) to USD 27.48 billion.
During the previous week, the stock of The Home Depot dropped by 0.70%. S&P500 index went up by 1.56% during the same period.
Home Depot Stock Support and resistance
The company’s shares have stabilized. No single direction tendencies are observed. Local support and resistance levels are at 231.00 and 239.00, respectively. In the near future, the correction of the company’s shares after a protracted rally can not be excluded. A confirming signal is the classic reversal formation, price and MACD divergence. Currently indicators do not give any clear signal. Positions are to be opened from key levels.
Comparing the company’s multiplier with its competitors, we can say that #HD shares are neutral.
Support levels: 231.00, 224.00, 218.00.
Resistance levels: 239.00.
Home Depot Stock Trading Ideas
If the price consolidates below the support level of 231.00, #HD shares may correct. Potential profits should be locked in by orders at 225.00, 220.00, and 215.00. Stop-loss – 237.00.
If the price consolidates above 239.00, one may consider buying #HD. The moving potential is aimed at the area of 250.00–255.00. Stop-loss – 233.00.
Implementation period: 3 days.
Home Depot Stock Pivots
Pivot Classic Fibonacci Camarilla Woodie DM
S3 198.16 215.03 229.94 210.77 —
S2 215.03 221.47 231.49 216.44 —
S1 224.80 225.45 233.03 227.64 228.35
P 231.90 231.90 231.90 233.31 233.67
R1 241.67 238.34 236.13 244.51 245.22
R2 248.77 242.32 237.67 250.18 —
R3 265.64 248.77 239.22 261.38 —
Home Depot Stock Recommendations
Nov-11-19 Downgrade Edward Jones Buy → Hold
Oct-08-19 Resumed Wolfe Research Outperform
Oct-08-19 Resumed Raymond James Outperform
Oct-04-19 Reiterated Oppenheimer Outperform $215 → $255
Sep-25-19 Reiterated Telsey Advisory Group Market Perform $210 → $220
Sep-17-19 Downgrade Guggenheim Buy → Neutral
Jul-16-19 Downgrade Gabelli & Co Buy → Hold
Jul-11-19 Initiated Goldman Buy $235
May-01-19 Reiterated Telsey Advisory Group Market Perform $192
Apr-11-19 Reiterated BofA/Merrill Neutral $202 → $215
Mar-20-19 Initiated Evercore ISI Outperform $215
Feb-27-19 Downgrade Telsey Advisory Group Outperform → Market Perform $205 → $192
Nov-16-18 Downgrade BofA/Merrill Buy → Neutral
Oct-23-18 Reiterated Morgan Stanley Overweight $225 → $200
Oct-17-18 Downgrade Credit Suisse Outperform → Neutral
Apr-24-18 Initiated Wells Fargo Outperform
Apr-11-18 Initiated Gabelli & Co Buy $206
Mar-02-18 Initiated Loop Capital Hold
Feb-21-18 Reiterated Telsey Advisory Group Outperform $220 → $217
Feb-21-18 Reiterated Stifel Buy $230 → $225