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Is Home Depot Stock About To Fall Out Of Bed?

May 18, 2021 2:59 pm
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The party may be over for Home Depot, Inc. (NYSE:HD).

In early March, the stock began a steep uptrend. In late April, shares consolidated. At the time the $320 level was support before the stock moved even higher.

But things may be about to change. Over the past week, shares have been trading close to $320 and now it looks like the level is breaking.

PreMarket Prep Stock Of The Day: Home Depot

Support is created when a large concentration of buyers gathers around the same price level. There’s more demand than supply, so sell-offs end when they reach support levels.

Sometimes, the support provides only a temporary halt in the stock’s decline. After an extended battle, the sellers eventually overpower the buyers and the downtrend resumes.

This could be the case with Home Depot.

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