Trading Home Depot HD With Integrated Risk Controls

February 21, 2023, 09:14 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Price matters most to #makingmoney in the #stockmarket. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Home Depot (NYSE: HD) report below can help you, but we have more details too. The trading plans for HD, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for HD

• Buy HD slightly over 278.65 target 305.71 stop loss @ 277.85 Details

The technical summary data tells us to buy HD near 278.65 with an upside target of 305.71. This data also tells us to set a stop loss @ 277.85 to protect against excessive loss in case the stock begins to move against the trade. 278.65 is the first level of support below 305.6 , and by rule, any test of support is a buy signal. In this case, support 278.65 would be being tested, so a buy signal would exist.

• Short HD slightly under 305.71, target 278.65, stop loss @ 306.59 Details

The technical summary data is suggesting a short of HD as it gets near 305.71 with a downside target of 278.65. We should have a stop loss in place at 306.59though. 305.71 is the first level of resistance above 305.6, and by rule, any test of resistance is a short signal. In this case, if resistance 305.71 is being tested, so a short signal would exist.

Swing Trading Plans for HD

• Buy HD slightly over 305.71, target 311.50, Stop Loss @ 304.83 Details

If 305.71 begins to break higher, the technical summary data tells us to buy HD just slightly over 305.71, with an upside target of 311.50. The data also tells us to set a stop loss @ 304.83 in case the stock turns against the trade. 305.71 is the first level of resistance above 305.6, and by rule, any break above resistance is a buy signal. In this case, 305.71, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HD slightly near 305.71, target 278.65, Stop Loss @ 306.59. Details

The technical summary data is suggesting a short of HD if it tests 305.71 with a downside target of 278.65. We should have a stop loss in place at 306.59 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 305.71, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for HD

• Buy HD slightly over 305.71, target 311.50, Stop Loss @ 305 Details

If 305.71 begins to break higher, the technical summary data tells us to buy HD just slightly over 305.71, with an upside target of 311.50. The data also tells us to set a stop loss @ 305 in case the stock turns against the trade. 305.71 is the first level of resistance above 305.6, and by rule, any break above resistance is a buy signal. In this case, 305.71, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HD slightly near 305.71, target 278.65, Stop Loss @ 306.42. Details

The technical summary data is suggesting a short of HD if it tests 305.71 with a downside target of 278.65. We should have a stop loss in place at 306.42 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 305.71, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

HD Ratings for February 21:

Term →	Near	Mid	Long
Rating	Neutral	Neutral	Neutral
P1	0	0	278.65
P2	318.96	311.50	305.71
P3	323.79	322.50	332.94

Support and Resistance Plot Chart for HD

Real Time Updates for Repeat Institutional Readers:

Factset: Request User/Pass

Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.