Market Overview

Home Depot Makes New All-Time High, Retreats Ahead Of Earnings Release

Related HD
Stock Market Seems Directionless, Volatility Low As Investors Await News
What To Do With Homebuilders Stocks
Brick Maker Ibstock Holds Small Monopoly and Is Very Profitable (GuruFocus)

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Home Depot Inc (NYSE: HD) shares were unchanged at $112.24 in Monday's session. The company, which is due to announce Q3 results before Tuesday's open, made an new all-time high ($113.16) off the open before falling back to unchanged.

The issue, which had found resistance in a narrow $0.28 trading range ($112.17 to $112.45) in its previous six sessions, easily cleared that level off the open. However, when there was no follow through from the sharply higher open ($112.99 vs. Friday's close of $112.24), investors began to trim their holdings ahead of Tuesday's earnings release.

The issue has rallied nearly 24 percent since its October 16 low ($86.35) to Monday's high of $113.16. Home Depot's peer in the sector, Lowes Companies (NYSE: LOW) staged a similar move in today's session, rallying to a new all-time high off the open ($74.34), before falling back to unchanged ($73.56).

Posted-In: Pre-market outlookTechnicals Intraday Update Trading Ideas


Related Articles (HD)

View Comments and Join the Discussion!