Trading Home Depot $HD With Integrated Risk Controls

May 16, 2023, 11:47 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 276.85 target 303.69 stop loss @ 276.05 Details

The technical summary data tells us to buy HD near 276.85 with an upside target of 303.69. This data also tells us to set a stop loss @ 276.05 to protect against excessive loss in case the stock begins to move against the trade. 276.85 is the first level of support below 283.49 , and by rule, any test of support is a buy signal. In this case, support 276.85 would be being tested, so a buy signal would exist.

• Short HD slightly under 303.69, target 276.85, stop loss @ 304.57 Details

The technical summary data is suggesting a short of HD as it gets near 303.69 with a downside target of 276.85. We should have a stop loss in place at 304.57though. 303.69 is the first level of resistance above 283.49, and by rule, any test of resistance is a short signal. In this case, if resistance 303.69 is being tested, so a short signal would exist.

Swing Trading Plans for HD

• Buy HD slightly over 288.80, target 303.69, Stop Loss @ 287.97 Details

If 288.80 begins to break higher, the technical summary data tells us to buy HD just slightly over 288.80, with an upside target of 303.69. The data also tells us to set a stop loss @ 287.97 in case the stock turns against the trade. 288.80 is the first level of resistance above 283.49, and by rule, any break above resistance is a buy signal. In this case, 288.80, 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 288.80, target 281.79, Stop Loss @ 289.63. Details

The technical summary data is suggesting a short of HD if it tests 288.80 with a downside target of 281.79. We should have a stop loss in place at 289.63 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, 288.80, 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 286.64, target 288.80, Stop Loss @ 285.97 Details

If 286.64 begins to break higher, the technical summary data tells us to buy HD just slightly over 286.64, with an upside target of 288.80. The data also tells us to set a stop loss @ 285.97 in case the stock turns against the trade. 286.64 is the first level of resistance above 283.49, and by rule, any break above resistance is a buy signal. In this case, 286.64, 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 286.64, target 281.79, Stop Loss @ 287.31. Details

The technical summary data is suggesting a short of HD if it tests 286.64 with a downside target of 281.79. We should have a stop loss in place at 287.31 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, 286.64, 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 May 16:

Term →	Near	Mid	Long
Rating	Weak	Neutral	Neutral
P1	0	0	276.85
P2	286.64	281.79	303.69
P3	289.59	288.80	331.00

Support and Resistance Plot Chart for HD

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