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Carter Worth Is A Buyer Of Home Depot

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On CNBC's Options Action, Carter Worth analyzed Home Depot Inc (NYSE: HD) from a technical standpoint.

He compared the performance of the stock in 2015 with the performance of the S&P 500 and the consumer discretionary space and concluded that it has outperformed both the index and its sector. He also showed that it is lagging the homebuilding and the home construction sectors.

Worth thinks that the Fed is stuck with low interest rates and he presented a chart that shows that the start of the QE was a catalyst for the up trend in Home Depot. He added that the stock traded sideways since April and he expects it to break out from rangebound trading and continue its up trend. Worth would buy Home Depot at its current price level.

 

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