Home Depot Inc (NYSE: HD) stock may rebound on Friday if HD stock price gets the desired support according to the analysts. HD share price needs to attract buyers to get back into form. However, short sellers approached out of nowhere concerning the facts of a pull back of HD shares on Thursday’s trading session. Meanwhile, Home Depot stock price may revert back from the support zone to reach the recovery level near $350.
HD stock price was at $302 and has lost 2.82% of its market capitalization during Thursday’s trading session. Trading was above average and now buyers need to accumulate to save HD share price from falling further.
Will HD Stock Price Bounce Back?
Home Depot Inc (NYSE: HD) stock price has been trying to break out from the distribution phase but couldn’t sustain near $315. Nevertheless, analysts believe that HD stock price may get stronger from Thursday’s dump over the charts. Moreover, analysts also speculate if HD share price sustains near the primary resistance level of $310 then HD stock may rise towards the $350 recovery level following through a little consolidation.
In addition, HD stock price got dropped till 20 and 200-days DMA but still above the 50 and 100-days Daily Moving Average. 200-days DMA may provide HD shares the desired support to bounce back from the current level.
HD share price has surged around 3.50% over the month and 5.14% over the last three months. Moreover, HD stock price has recovered around 5.98% in a year.
Home Depot Inc (NYSE: HD): Technical Indications
HD stock must attract buyers in order to bounce back from the current level over the daily time frame chart. Nevertheless, technical indicators suggest the downtrend momentum HD shares. Relative strength index showcases the downtrend momentum of HD share price. RSI was at 49 and is crossing neutral to be oversold.
MACD exhibits the downside trend of Home Depot stock price. The MACD line is crossing the signal line downwards, registering a negative crossover. Investors need to wait for any directional change over the daily time frame chart.
Summary
Home Depot Inc (NYSE: HD) stock may rebound on Friday if HD share gets the desired support according to the analysts. Nevertheless, analysts believe that HD share price may get stronger from Thursday’s dump over the charts. 200-days DMA may provide HD shares the desired support to bounce back from the current level. Technical indicators suggest the downtrend momentum HD shares. Investors need to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $300 and $299.30
Resistance Levels: $310 and $315.
