The company: The Home Depot, Inc.
Ticker Symbol: HD
Sector: Services
Industry: Home Improvement Stores
The Home Depot, Inc. operates as a home improvement retailer. Its stores sell building materials, home improvement products, and lawn and garden products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself, do-it-for-me, and professional customers.
The company’s installation programs include products, such as carpeting, flooring, cabinets, countertops, and water heaters. It serves homeowners, professional remodelers, general contractors, repairmen, small business owners, and tradesmen.
As of September 26, 2013, the company operated 2,258 retail stores in 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Home Depot, Inc. was founded in 1978 and is based in Atlanta, Georgia.
Take a look at the 1-year chart of The Home Depot's stock below with my added notations:
Home Depot stock has been trading mostly sideways for the last five to six months. Over that period of time, the stock has formed a resistance area around $80 (red), In addition, Home Depot has created a strong level of support at $72 (green). At some point the stock will have to break one of those two levels.
The Home Depot is set to release earnings on November 13.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Good luck!
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